Saehan to Attract $500 Million from Torei

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Saehan to Attract $500 Million from Torei

Saehan Co. announced on June 14 that it will receive 500 million dollars from Japan-based Torei Company by selling assets in its film and raw fiber division to a joint company that both Saehan and Torei will establish.
Saehan explained that this deal is the biggest attraction of foreign capital in the Korean synthetic fiber sector, and the large amount of Japanese money flowing into the private sector is a first since President Kim's administration was launched.
The company is going to lower its debt-to-equity ratio from 264 percent to 191 percent through the deal. It plans to conclude the final details on the 500 million-dollar contract in the near future.
Both Saehan and Torei will set up the joint venture at a ratio of 4 to 6 in capital investment in September this year.
Prior to the deal, the two sides exchanged a memorandum of understanding (MOU) on the establishment of a joint company and the attraction of foreign capital in Tokyo on June 11.

Jangsoo Seo:jsbee@joongang.co.kr
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