Kamco to Hold Board Meeting on 22nd to Launch Asset Purchase Program... Asset Acquisition Scheduled for July

[Asia Economy Reporter Ki Ha-young] Korea Asset Management Corporation (KAMCO) is beginning preparations for the full-scale operation of its corporate asset purchase program.

According to the financial sector on the 22nd, KAMCO held a board meeting on the 22nd to discuss issues such as the issuance of KAMCO bonds to be used as funding for the corporate asset purchase program. After the board meeting, a survey of asset sale demand and corporate applications will be conducted, and full-scale corporate asset purchases are expected to begin next month.

Earlier, the Financial Services Commission announced on the 11th that it had approved support measures for corporate asset sales at the 6th Emergency Economic Central Countermeasures Headquarters meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki. The government decided to operate a 2 trillion won corporate asset purchase program to enable companies facing financial difficulties due to the novel coronavirus disease (COVID-19) to sell assets at appropriate prices. The 2 trillion won funding will be raised through the issuance of KAMCO bonds.

A KAMCO official stated, "Today's board meeting is to obtain prior approval for the issuance of 2 trillion won worth of KAMCO bonds," adding, "The selection of support targets will be decided next month."

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