by Ryu Hyunseok
Published 02 Feb.2021 14:37(KST)
[Asia Economy Reporter Hyunseok Yoo] Starflex, a manufacturer of advertising flex, announced on the 2nd that it has completed the sale of its factory site in Gimpo-si, Gyeonggi-do.
The real estate sold this time consists of 27,025㎡ of land and 12,276㎡ of buildings, and the buyer is Bodyfriend, a company specializing in massage chairs. Through the real estate sale, Starflex secured 17.5 billion KRW in cash, which corresponds to 12.77% of its total assets.
A company official stated, “The purpose of this asset sale is to secure cash liquidity and stabilize the financial structure,” adding, “We will continue to focus on profitability-centered management in the future.”
Established in 1996, Starflex is a specialized manufacturer of outdoor advertising flex and banners, holding about 70% market share in the domestic market. It also holds a leading market share in major countries with high demand for advertising flex such as the United States, Russia, and India, with the current market share in the U.S. at approximately 20%.
A company official said, “Although we experienced poor performance last year due to the impact of the novel coronavirus disease (COVID-19), we plan to improve performance this year based on the normalization of economic activities,” and added, “Following the real estate sale, we are considering various measures to enhance corporate value and shareholder value.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.