Cho Hung Securities May Be Sold to Foreigner Soon
Cho Hung Securities, an affiliate of Cho Hung Bank, is expected to be sold to a foreign company in June or July at the earliest.A source at Cho Hung Bank(CHB) said Friday that four overseas bidders including one bank from Europe expressed their intention to take part in the sale of the securities firm.
Soon CHB is going to start separate negotiations with the four after receiving bidding prices from them.
The source added the foreigners are more interested in purchasing just enough of the brokerage firm's stake to attain managerial control rather than buying 100 percent of its stock.
Until now, CHB was in no particular hurry to sell the subsidiary since the performance of the company has been good, buoyed by the enormous trading volume in the bullish Korean Stock Market.
However, recently CHB changed its mind because certain foreign investors are eager to buy Cho Hung Securities, suggesting attractive conditions.
Shang-bok Shim : simsb@joongang.co.kr
with the Korea JoongAng Daily
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