April 25, 2024

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[THE INVESTOR] Kumho Asiana Chairman Park Sam-koo pledged to reacquire Kumho Tire this year in his annual New Year’s speech on Jan. 2.
 
“Above all things, this year’s final task is to complete rebuilding the group through acquiring Kumho Tire,” said Park, expressing his strong conviction to take the company back from the hands of its creditors. 

Park, in response to the unfavorable business conditions at home and abroad, set the company’s annual goal to become a leader in the upcoming fourth industrial revolution era.

 

“The fourth industrial revolution is where the society has undergone a large-scale change in its industrial structure through convergence of digital and analog, manufacturing and information technology and online and off-line,” he said. “The development speed to the fourth industrial revolution is accelerating, so if we go off guard, we will lag behind,” he said. 

“In this transitional period, it is important to quickly take the upper hand in the new society by responding fast.”

A controlling 42.1 percent stake of Kumho Tire, owned by nine creditors since the company was put under a debt workout program in 2009, is up for sale. Five overseas firms, including Jiangsu GPRO Group, Shanghai Aerospace Industry Corp., Qingdao Doublestar, Linglong Group and Apollo Tyre, had entered the preliminary bid. 

Park is likely to exercise his right of first refusal in the deal, which allows him to repurchase the stake under same terms as the highest bidder. 

The final round of bidding is expected to take place this month.

By Ahn Sung-mi (sahn@heraldcorp.com)