Kamco Announces 160.4 Billion KRW Emergency Sale of Unlisted Stocks
Including Maxerve, Korea Holdings, Dongyang Jeonggong, and others
[Asia Economy Reporter Minwoo Lee] Korea Asset Management Corporation (KAMCO) will sell unlisted securities worth 160.4 billion KRW through a public bidding process.
KAMCO announced on the 24th that it will auction these state-owned securities via the online auction system "Onbid" starting from the 7th of next month.
The unlisted securities being sold are issued by a total of 46 corporations, including ▲14 in manufacturing ▲10 in construction ▲8 in wholesale and retail ▲4 in real estate ▲10 in other industries. Among them, Macserve, Korea Holdings, and Dongyang Precision are considered to have good profitability and financial status.
The 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, from the third round onward, the bid price will be gradually reduced by 10% of the initial expected sale price each round. Items that fail to sell more than twice may be sold through private contracts under the conditions of the previous round until the next bidding. However, some items such as Geoje Shipbuilding will have one or two additional bidding rounds.
According to the Enforcement Decree of the State Property Act, persons who have paid national taxes (inheritance tax, gift tax, etc.) in unlisted securities (including the taxpayer and joint tax obligors) and their family members under the Civil Act cannot purchase the relevant unlisted securities below the paid-in value.
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Bidders must deposit 5% of their bid amount into a designated virtual account during the bidding period through Onbid. If successful, they must sign the stock sale contract within 5 days from the winning date and complete full payment within 60 days. However, depending on the sale amount, installment payment schedules and periods (up to one year) may be set to allow payment in installments.
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