October 21, 2021

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EDITOR'S PICKS

• Markets 
  

  Only 15% of Kospi firms pursue ESG management: survey

  Despite industrywide efforts to promote sustainable corporate management through environmental, social and governance aspects, many South Korean companies appear to be struggling to integrate the values into their businesses, a survey suggested Oct. 20. Only 123 companies, or 15 percent of all Kospi-listed firms, have established committees to deal with ESG issues, according to the survey conducted by CEO Score, a local corporate tracker. Most of the ESG management committees included chief e

• Markets 
  

  Analysts upbeat on Kakao Pay valuation

  South Korean mobile payment app operator Kakao Pay embarked on a two-day book building process targeting institutional investors Oct. 20, following delays due to local authorities’ requests. The result will determine at which price a share of Kakao Pay, the Ant Group-backed financial technology firm, would be offered, as well as the proceeds Kakao Pay will be able to attract through the initial public offering, ahead of its proposed market debut on Nov. 3. Korean analysts are valuing th

• Markets 
  

  BlackRock becomes 3rd-largest shareholder of Hanwha Solutions

  US-based investment manager BlackRock has become the third-largest shareholder of energy services company Hanwha Solutions, a filing showed Oct. 20. BlackRock’s 11 affiliated entities were holding a combined 5.08 percent stake in Hanwha Solutions -- which is dedicated to petrochemicals, advanced materials and solar energy -- as of Oct. 15, according to the disclosure filed with the Financial Supervisory Service. Solely on Oct. 15, BlackRock had invested 65.4 billion won ($55.6 million)

• Markets 
  

  KB Kookmin acquires remaining stake in Cambodia’s Prasac Microfinance

  South Korea’s KB Kookmin Bank said Oct. 20 that it has acquired the remaining stake in Prasac Microfinance Institution, to wholly own Cambodia’s largest microfinance deposit-taking firm. KB Kookmin had acquired a 70 percent stake in Prasac Microfinance for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings in April 2020, becoming the majority shareholder of the institution. The price of the 30 percent stake that KB Kookmin recently acquired has yet to be disclose

• Markets 
  

  Fitch keeps S. Korea’s credit rating at AA-

  Global credit appraiser Fitch Ratings said Oct. 20 that it would maintain South Korea’s stable credit rating and keep its economic growth projection positive, citing the country’s economic resilience. During a webinar hosted by Fitch on assessing regional outlooks, Jeremy Zook, a director at Fitch Ratings, reaffirmed that the credit rating for Asia’s fourth-largest economy was AA-, the fourth-highest level in the agency’s system, in line with its July projection. It has

• Markets 
  

  Falling Samsung shares: what it means to S. Korean investors

   　A 39-year-old investor in Seoul, surnamed Choi, had a strong belief that the share value of Samsung Electronics would soon reach 100,000 won ($84.80). Despite its continuous fall, recently to below 70,000 won, Choi has no plan to sell shares of the nation’s largest conglomerate and the world’s largest chipmaker. Instead, he sees the falling price as an investment opportunity. 　“I believe in Samsung Electronics. Although it appeared to go into free fall from some 90,000

• Markets 
  

  Seoul halves maximum agency fees to relieve housing price burden

  　Maximum real estate brokerage fees were lowered by almost 50 percent starting on October 19, when a law designed to mitigate the effects of soaring housing prices took effect. 　For those selling or buying homes worth more than 1 billion won ($850,000), real estate agents can receive commissions of up to 5 million won instead of the previous 9 million won, under the new guidelines. For “jeonse” and monthly rental contracts for properties worth over 1 billion won, agents can demand b

• Markets 
  

  VR, AR videos to be registered as intellectual property in S. Korea

  　Virtual reality and augmented reality videos alongside designs on streets, walls and human bodies will be eligible to be registered as intellectual property in South Korea from Thursday, the nation’s intellectual property office said on Ocyober 19. 　According to the Korean Intellectual Property Office, the newly revised law would protect digitally produced designs with various purposes including communication, medical and security. Previously, such designs were able to be filed as intell