[Special Stock] Ssangbangwool Hits Upper Limit on News of Ssangyong Motor LOI Submission

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[Asia Economy Reporter Ji Yeon-jin] Ssangbangwool recorded a daily limit up during trading on the 19th following news that it submitted a letter of intent (LOI) to the sales agent for the acquisition of Ssangyong Motor.

Ssangbangwool was traded at 971 won, up 29.99% compared to the previous day, around 2:12 a.m. on the same day.

Ssangbangwool showed a sharp rise since the 31st of last month, expressing its intention to acquire Ssangyong Motor. However, after KB Securities announced on the 5th of this month that it would not participate in Ssangbangwool Group's financing, the stock price sharply declined but surged again on this day.

It is interpreted that the stock price surged as EY Han Young, the lead sales agent for Ssangyong Motor's sale, announced that KG Group, the Ssangbangwool-KH Philux consortium, Pavilion PE, and others officially submitted letters of intent (LOI) for the limited competitive bidding process of the Ssangyong Motor stalking horse deal, which closed the previous day.

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