April 19, 2024
Deals
Unidus CEO plans to sell his stake
[THE INVESTOR] South Korea’s condom maker Unidus has been put up for sale by the firm’s chief executive, who inherited a controlling stake in the company from his father last year, industry sources said on Nov. 30.
Kim Sung-hoon, CEO of Unidus, is seeking to sell a 47.53 percent stake, owned by him and his family, in the company. The stake is worth 28.6 billion won (US$24.47 million) based on its current stock price.
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The CEO, son of the deceased Unidus Chairman Kim Duck-sung, holds a 35.86 percent stake in the firm.
Established in 1973, the company made its market debut on the country’s secondary bourse KOSDAQ in 2001. In 2003, it entered the Chinese market after building a production plant in the country.
Unidus posted an operating loss of 1.5 billion won and 17.4 billion in sales in 2015. Its debt-to-equity ratio stood at 9.17 percent as of Sept. 30, this year.
Shares of the company rose 8.53 percent to close at 7,000 won on the sell-off plan news.
By Park Han-na (hnpark@heraldcorp.com)
