Singapore’s sovereign wealth fund GIC has decided to inject 100 billion won (US$92.60 million) into the cash-strapped Korean retail giant E-Land Group, according to news reports on Feb. 2.
GIC is joining a 300 billion won fund led by Hong Kong-based global private equity firm Anchor Equity Partners that had earlier announced its plans to inject 200 billion won into E-Land.
An E-Land spokesperson declined to confirm the GIC funding.
E-Land World, the group’s de facto holding unit, has sought to secure 1 trillion won new investments as part of efforts to improve its financial stability and turn into a holding company structure.
The latest funding comes after Meritz Financial Group in January decided to invest 300 billion won as it was joining an investment consortium led by Korea’s Keystone Private Equity.
This is not the first time that GIC has invested in E-Land. In 2009, the fund acquired one outlet of Kim’s Club, E-Land’s hypermarket chain, and the Gangnam branch of its NewCore Department Store and then rented them back to the Korean firm to operate. Earlier in 2004, GIC signed a deal to inject 500 billion won into E-Land’s 2001 Outlet.
By Song Seung-hyun(firstname.lastname@example.org