The Korea Asset Management Corporation (KAMCO) will publicly sell stakes in 78 companies, including Geumseong Baekjo Housing and Midas Asset Management. KAMCO announced on June 8 that it will auction off state-owned unlisted securities worth 339.5 billion won starting on the 22nd through the public asset disposal system Onbid.
The sale includes 14 construction firms, 25 manufacturing companies, 11 real estate firms, 10 retail businesses, and 18 others. Notable companies in the auction include Geumseong Baekjo Housing, Midas Asset Management, and Airport Limousine. KAMCO stated that these companies have good profitability and financial conditions, making them attractive to potential buyers.
The initial sale prices for key items are as follows: Geumseong Baekjo Housing at 121.55 billion won, Midas Asset Management at 5.69 billion won, and Airport Limousine at 3.53 billion won. The ownership stakes being sold are 19.20% for Geumseong Baekjo Housing, 2.37% for Midas Asset Management, and 2.56% for Airport Limousine.
Bidding will start at 100% of the initial sale price and will occur over four rounds. If items are not sold in the first two rounds, the price will be reduced by 10% for each subsequent round. Items that fail to sell more than twice may be eligible for private contracts before the next bidding round. Some items may have bidding extended up to five rounds.
Bidders must deposit 5% of their bid amount into a designated virtual account during the bidding period via Onbid. The winning bidder must sign a stock purchase agreement within five days of the award and complete payment within 60 days.
If the sale amount for a specific item exceeds 500 million won, the winning bidder may opt for installment payments. The installment period is six months for amounts between 500 million and 1 billion won, nine months for amounts between 1 billion and 3 billion won, and one year for amounts exceeding 3 billion won.
* This article has been translated by AI.
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