Woongjin Coway Co., South Korea’s top water purifier maker, said Monday the process of selling a major stake in the company to local private equity fund MBK Partners Ltd. has resumed after a court approved the sale that is set to be concluded in January.In August, Woongjin Holdings, the parent company of Woongjin Coway, signed a deal with MBK Partners to sell its 30.9 percent stake in the purifier unit to the private equity fund for 1.2 trillion won ($1 billion), to help improve its financial he

The creditors of Woongjin Holdings said Thursday that they have decided to complete the sale of Woongjin Coway Co., a leading local water purifier maker, to MBK Partners Ltd., a leading local private equity fund, by January next year.In August, Woongjin Holdings, the parent company of Woongjin Coway, inked a deal with MBK Partners Ltd. to sell its 30.9 percent stake in the purifier unit to the private equity fund for 1.2 trillion won (US$1 billion) to help improve its financial health.Still, the

South Korean stocks fell 1.72 percent Friday as the country’s weaker economic growth put a dent in investor sentiment amid a lack of market momentum, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 33.07 points to close at 1,891.43. Trading volume was moderate at 432.1 million shares worth 4.54 trillion won ($4.14 billion), with losers far outstripping gainers 680 to 171.“The market is taking the quarterly growth a li

Korea’s leading design event will be held next week in Daegu showcasing the latest innovative design products by Korean and international brands and designers. Design Korea 2012, organized by the Ministry of Knowledge Economy and the Korea Institute of Design Promotion, has attracted a wide range of Korean and international brands such as Samsung Electronics, LG Electronics, Woongjin Coway, Sally Hansen, Dell, Belkin and Philips. In its 10th year, the event is regarded as Korea’s largest design

Woongjin Group appears to be at odds with its creditors over the sale of Woongjin Coway Co., a leading local water purifier maker that serves as a cash cow for the mid-size ailing conglomerate, industry sources said Thursday. Woongjin Holdings, the parent company of Woongjin Coway, pushed for the sale of its 30.9 percent stake, or 21.88 million shares, in the purifier unit to MBK Partners Ltd., a leading local private equity fund, for 1.2 trillion won ($1 billion).The stake sale, however, was su

Creditor banks demand court to appoint receiver outside Woongjin managementThe court-appointed receiver who will lead Woongjin Group’s upcoming restructuring efforts is unlikely to be an existing member of the company’s managing staff, industry sources said on Sunday. The speculation stems from the fact that Woongjin’s top brass including Chairman Yoon Seok-keum and his right-hand man Lee Joo-seok, along with Kim Jeong-hoon, CEO of Woongjin’s troubled construction arm Kukdong, were all sued by H

Woongjin Group chairman Yoon Seok-keum apologized on Friday to the public, creditors and employees for his mismanagement that led to his two major companies requesting court protection.Speaking at a hurriedly arranged news conference in Seoul, chairman Yoon bowed his head several times in apology and confessed that excessive expansion of the group resulted in the filing of the court receivership. “I should have given up the solar energy and construction businesses. I filed for court receivership

South Korean stocks slipped 0.17 percent on Thursday as investors remained cautious following mixed economic data from global economies, analysts said. The local currency fell against the U.S. dollar.After rangebound trading, the benchmark Korea Composite Stock Price Index slipped 3.35 points to 1,992.68. Trading volume was moderate at 577.8 million shares worth 4.8 trillion won ($4.3 billion), with decliners outnumbering gainers 410 to 399.The South Korean stock market was closed Wednesday for

Woongjin Group is facing public criticism for moral hazard after its holding company and construction unit filed for court receivership on Wednesday. A day before its application for court protection, Woongjin Holdings was found to have paid back 53 billion won of debt it borrowed from other Woongjin affiliates.Woongjin Holdings repaid 25 billion won and 28 billion won, respectively, to its sister companies Woongjin Thinkbig and Woongjin Energy on Wednesday even though the due date was two days

South Korean stocks rose 0.42 percent Thursday as institutional investors shook off market jitters and scooped up local shares, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index added 8.26 points to close at 1,988.70. Trading volume was moderate at 686.6 million shares worth 4.65 trillion won ($4.15 billion) with gainers outstripping decliners 419 to 384. “Institutions led by pension funds seem to have been providing a shie

The following is the last in a series of articles on design prepared in anticipation of the Herald Design Forum which takes place Sept. 19-21. ― Ed.Korean design is breaking out on the world stage as more design products from the country receive attention at global fairs and a growing number of local designers receive international awards. At Maison et Objet, an international home decoration fair held in Paris from Sept. 7-11, 32 products made by Korean companies and individual designers selecte

Samsung Electronics Co. and SK Telecom Co. have been chosen as the best workplaces among businesses in Korea in a recent survey.The two companies scored top in their respective sectors of manufacturing and service in the survey of 4,204 workers and human resource experts conducted by the Korean Management Association Consulting for three months starting March.Samsung Electronics has come first four years in a row, and SK Telecom for five consecutive years in the annual KMAC survey.In the manufac

Smashing through the glass ceiling is still difficult for most women in corporate Korea, especially for those who want to climb to the top, government data suggested on Thursday. According to data collected from government offices, there are 813 board members at the nation’s 100 leading companies in terms of market value. Of them, only 12 are women. When considering that Hyundai Group chairwoman Hyun Jung-eun also serves as the executive chairman for Hyundai Merchant and Hyundai Securities, the

Korean stocks closed almost flat on Thursday as investors stepped to the sidelines following a holiday and recent steep gains, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.95 points, or 0.05 percent, to 1,957.91. Trading volume was moderate at 426.1 million shares worth 4 trillion won ($3.5 billion), with gainers

Two powerful acquirers tender bids for both Hi-Mart, Woongjin CowaySK Group and Lotte Group are engaging in fierce competition to take over big enterprises in the mergers and acquisitions market.The groups’ units -- SK Networks and Lotte Shopping -- have submitted letters of intent for the bidding to take over Hi-Mart. They also tendered bids for Woongjin Coway.The participation of the nation’s third-largest and fifth-largest business groups in the two biddings is drawing wide attention in the m