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Trigem puts itself on the auction block

The company said it hopes to be taken over to attract investment and strengthen competitiveness.

June 06,2007
The defunct Trigem Computer, currently under court receivership, is again seeking a new owner.
The second-largest PC maker in Korea announced yesterday that it is putting itself up for merger or acquisition through Samjung KPMG, lead manager of the sale.
If a buyer turns up, the sale will be processed through a paid-in capital increase designated to a third-party.
Trigem is accepting bids up to next Tuesday, hoping to select a prior negotiator by the end of the month.
Whether or not its ambitions will be fulfilled, however, is yet to be seen.
The company, established in 1980, has been undergoing a fierce restructuring since May 2005 but has been unable to find a buyer.
It has been one of the leading computer makers in Korea during the past decade, but went into debt amid increasing competition from China.
Late last year, seven bidders all backed out, citing troubles in asset value estimation among others.
A positive point for Trigem this year, however, is that its factory in Ansan, Gyeonggi, has risen in real estate value since last year due to surrounding land development.
Also, business at Trigem has been improving.
It recently earned a large export agreement for the European high-end PC market, and domestic laptop computer sales have gone up 50 percent compared to the previous year, boosted on the release of the new Windows Vista operating platform.
The company said that it is looking forward to posting improved earnings for the second quarter by going from a deficit to a profit.
In a statement, the company said that it hoped to be taken over so that it could attract investment and strengthen its competitiveness in the PC market.
“Through aggressive sales, we hope this will be the beginning of a renewed takeoff,” Trigem president Park Il-hwan said in a statement.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]



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