Lotte Shopping Co., Ltd. completed the acquisition of 65.25% stake in Hi-mart Co., Ltd. from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation, Hi-mart's Chairman Sun Jong-koo, HI Consortium Investment Co., Ltd, and other stakeholders.
October 31, 2012 at 12:00 am
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Lotte Shopping Co., Ltd. (KOSE:A023530) agreed to acquire 65.25% stake in Hi-mart Co., Ltd. (KOSE:A071840) from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation (KOSE:A023410), Hi-mart's Chairman Sun Jong-koo, HI Consortium Investment Co., Ltd, and other stakeholders for approximately KRW 1.25 trillion on July 4, 2012. Eugene holds 31.33% stake and Sun Jong-koo holds 5.66% stake in Hi-mart. Eugene Corporation sold its stake for KRW 655.6 billion. Board of Directors of Lotte Shopping resolved the transaction. Board of Directors of Eugene Corporation resolved the transaction on July 6, 2012. As of October 29, 2012, Fair Trade Commission approved the deal. The transaction is scheduled to be completed on October 31, 2012.
Citi Group Global Market Korea Securities Limited acted as financial advisor for Eugene, H&Q Asia Pacific, Sun Jong-koo, IMM Private Equity and other sellers. Goldman Sachs (Asia) L.L.C. acted as financial advisor for Lotte Shopping Co., Ltd. Lee & Ko acted as legal advisor for H&Q Asia Pacific, Ltd., Eugene Corporation, HI Consortium Investment Co., Ltd, and Sun Jong-koo. Hee Woong Yoon, Jin Kook Lee, Bo Sung Jang, Seon Dong Park, Na Young Kim, Soo Yeon Choi, Soon Sik Ju, Gi Ok Chang, and Kyoung Yeon Kim of Yulchon acted as legal advisor to Lotte Shopping.
Lotte Shopping Co., Ltd. (KOSE:A023530) completed the acquisition of 65.25% stake in Hi-mart Co., Ltd. (KOSE:A071840) from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation (KOSE:A023410), Hi-mart's Chairman Sun Jong-koo, HI Consortium Investment Co., Ltd, and other stakeholders on October 31, 2012.
EUGENE Corporation is a Korea-based company engaged in the manufacture of construction materials. The Company operates its business through three main segments: concrete segment, cement segment and construction segment. Its concrete segment produces ready-mixed concretes (Remicons) and asphalt concretes (Ascons). Its cement segment produces cements used as raw materials of Remicons. Its construction segment mainly engages in the housing construction business and others. It also provides aggregates used as construction materials. In addition, the Company engages in the rental business. On September 30, 2013, it sold its entire shares of Miraeasset Nice PEF, which is mainly engaged in the financial business.
Lotte Shopping Co., Ltd. completed the acquisition of 65.25% stake in Hi-mart Co., Ltd. from H&Q Asia Pacific, Ltd., IMM Private Equity, Inc., Eugene Corporation, Hi-mart's Chairman Sun Jong-koo, HI Consortium Investment Co., Ltd, and other stakeholders.
EUGENE CORPORATION 