Fund buys 42% of SK tire firm
Print Edition
AN equity investment fund from Qingdao in Shandong Province has agreed to buy 42.01 percent of South Korea’s Kumho Tire.
In a statement filed to the Shenzhen Stock Exchange yesterday, Qingdao Doublestar said a subsidiary of Qingdao Xingwei Equity Investment Fund signed a deal on Monday with Korea Development Bank to pay 955 billion won (US$830 million) for 66.37 million shares the bank and others hold.
In December, Qingdao Doublestar invested 900 million yuan (US$130 million) to set up Qingdao Xingwei Equity Investment Fund with several local investment firms.
After the deal, Xingwei Equity Investment Fund will become Kumho Tire’s biggest shareholder.
Founded in 1960, Kumho Tire is the second-largest tire maker in South Korea.
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