KAMCO Announces Public Auction of 339.8 Billion KRW Worth of State-Owned Securities

[Asia Economy Reporter Kwangho Lee] Korea Asset Management Corporation (KAMCO) announced on the 8th that it will sell 339.8 billion KRW worth of state-owned securities (unlisted securities) through a public bidding process on Onbid starting from the 22nd of this month.

The issuing corporations of the unlisted securities being sold this time include a total of 66 corporations: 22 in construction, 18 in manufacturing, 3 in real estate and leasing, 12 in wholesale and retail, and 11 in other industries.

Among them, Laseong Construction Co., Ltd., Jeong. Food Co., Ltd., and Hanbat Industry Co., Ltd. are stocks with good profitability and financial condition, while LB Vision Co., Ltd. has sufficient investment value due to the rise in real asset value, making it worth the interest of actual demanders.

This unlisted securities sale bidding will start at 100% of the expected sale price and proceed over a total of four rounds. For items that fail to sell by the second round, bidding from the third round will proceed with a stepwise reduction of 10% of the initial expected sale price each round. Items that fail to sell more than twice may also be subject to private contracts under the conditions of the previous round until the next bidding. However, for some items such as LB Vision Co., Ltd., bidding will proceed over a total of six rounds.

However, according to the Enforcement Decree of the State Property Act, persons who have paid national taxes (inheritance tax, gift tax, etc.) in kind with unlisted securities (the person who paid in kind and joint tax obligors) and their family members under the Civil Act cannot purchase the relevant unlisted securities for less than the paid-in value.

Bidders wishing to participate must deposit 5% of their bid amount into a designated virtual account through Onbid during the bidding period. If successful, they must conclude a stock sales contract within 5 days from the date of winning the bid and complete full payment within 60 days.

Depending on the sale amount, installment payment schedules and periods (up to one year) may be set to allow payment in installments.

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