Tongyang Magic cooks up a lot of interest from buyers
Some 10 or so companies including Hyundai Department Store, Kyowon Group, KT Rental and several foreign companies including the Swedish company Electrolux were said to have shown interest in buying Tongyang Magic, kitchen and healthcare appliance arm of Tongyang Group. According to industry source the companies turned in their letters of intent to Goldman Sachs and Tongyang Securities, which is overseeing the sales. The sales of the appliance affiliate is part of Tongyang Group’s larger plan in restructuring its business. Until the end of the year the group is planning to reorganize its portfolio to financial services including its brokerage and life insurance and manufacturing, which will be cement and thermal power plant.