[THE INVESTOR] Coupang, the nation’s top e-commerce firm, recently received a fresh 300 billion won (US$267.26 million) loan from Goldman Sachs, the Korea Economic Daily reported on Aug. 30.
The Korean firm reportedly offered its inventories and logistics centers in Icheon, Gyeonggi Province, and Incheon as collateral. The investment firm has decided to lend 60 percent of the estimated value worth about 500 billion won.
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A Coupang spokesperson, however, declined to confirm the report.
Under the deal, Coupang is required to pay a 7 percent interest rate. If it fails to do so, the rights of the collateral will be handed over to Goldman Sachs. The report said the investment firm could collect up to 390 billion won by reselling the properties.
Investor concerns have been mounting over money-losing Coupang that has poured considerable resources worth more than 400 billion won into logistics centers in recent years.
In the meantime, there are rumors that China’s Alibaba considered funding for Coupang few months ago. The company spokesperson also declined to confirm the report at the time.
By Song Seung-hyun (email@example.com)