April 25, 2024

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[THE INVESTOR] E-Land Group has decided to sell its 69 percent stake in its key subsidiary E-Land Retail for 600 billion won (US$529.24 million) to a consortium of private equity firms including Curious Partners, according to local media reports on May 2. 

This is part of the group’s scheme to improve its financial health before the retail company goes public next year. 

An IPO was initially planned for this year but was postponed to the first half of 2018 when its food and dining subsidiary E-Land Park was accused of delaying payment of wages.

It will first repay 300 billion won redeemable convertible preference shares that mature in June. The PEF consortium and E-Land Group will sign the contract within this month and complete the transaction by June. 

The group is planning to gain preliminary approval from the Korea Exchange in the first half next year and list the company in May or June, according to a company official.

By Hwang You-mee (glamazon@heraldcorp.com)