KAMCO Announces Public Auction of 156.1 Billion KRW Worth of State-Owned Securities

[Asia Economy Reporter Park Sun-mi] Korea Asset Management Corporation (KAMCO) announced on the 4th that it will sell 156.1 billion KRW worth of state-owned securities through a public bidding process on Onbid starting from the 18th.

The unlisted securities being sold this time are issued by a total of 43 corporations, including ▲16 in construction ▲10 in manufacturing ▲3 in real estate and leasing ▲6 in wholesale and retail ▲8 in other industries.

The bidding for these unlisted securities will be conducted in four rounds starting at 100% of the expected sale price. For items that fail to sell in two rounds, the starting price will be reduced by 10% of the initial expected sale price in each subsequent round starting from the third round. For items that fail to sell more than twice, private contracts are also possible until the day before the next bidding round under the conditions of the previous sale.

However, according to the Enforcement Decree of the State Property Act, those who have paid national taxes (such as inheritance tax, gift tax, etc.) in unlisted securities (including the taxpayer and joint tax obligors) and their family members under civil law cannot purchase the relevant unlisted securities below the paid-in value.

Bidders must deposit at least 5% of their bid amount into a designated virtual account during the bidding period through Onbid. If successful, they must sign a stock sale contract within 5 days from the date of winning the bid and complete full payment within 60 days. In the case of installment payments, the payment schedule and period (up to one year) can be set for payment.

This content was produced with the assistance of AI translation services.