South Korea’s commercial lender KB Kookmin Bank said Thursday its board has agreed to acquire a 70 percent stake in Cambodia’s lender Prasac Microfinance Institution for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings.Prasac Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40 percent of market share in Cambodia with 177 branches.KB Kookmin will close the deal within three months, after a due diligence and approval from financial au

Market Dec. 26, 2019

South Korean companies are increasingly becoming key players of mergers and acquisitions in the global game industry, in pursuit of fresh revenue sources and growth engines, data showed on Thursday.From 2013 to 2018, Korea ranked No. 4 in global M&A transactions in the industry, according to Samjong KPMG in its report titled “Global M&A Trends in Game Industry.”  Of the total 528 deals globally, Korean entities proposed, signed and closed a combined 45 deals, followed by

Market Dec. 26, 2019

Korean food-to-entertainment conglomerate CJ Group is moving to generate cash through divestment efforts by its affiliates this month, making potential room to tackle the group’s snowballing liabilities.The group’s debt -- which stood at 16.6 trillion won ($14.3 billion) as of end-June according to Korea Ratings -- has cast a shadow on Chairman Lee Jae-hyun’s “Great CJ 2020” initiative to secure 100 trillion won in annual group revenue, pushing the conglomerate to t

Market Dec. 25, 2019

Kakao M, a subsidiary of South Korean internet giant Kakao, is again adding momentum to mergers and acquisitions to consolidate its content production capacity and generate synergy among its media units.In the latest move, Kakao M subsidiary Starship Entertainment inked a deal to buy a 100 percent stake in a local performing arts company, Shownote, for 26.8 billion won ($23 million) in cash. Starship Entertainment also announced a plan to raise 11 billion won in capital, part of which will come

Market Dec. 25, 2019

South Korea’s investment house Glenwood Private Equity has inked a deal to buy a controlling stake in the world’s leading polyimide film maker SKC Kolon PI for 608 billion won ($523.2 million) from its two major stakeholders, according to regulatory filings on Tuesday. The purchase price of a 54.07 percent stake in SKC Kolon PI has shrunk from earlier market estimates of some 700 billion won. The transaction is poised to take place by Feb. 28. SKC Kolon PI is a joint venture of Korea

Market Dec. 24, 2019

Seoul-based Hyundai Investments said Tuesday it has joined hands with French investment house La Francaise to create a blind pool fund that focuses on small and midsized office buildings in Western Europe. The new fund seeks 8 percent internal rate of return through a 10-year investment, according to Hyundai Investments. The Korean vehicle did not disclose the fund’s volume and its limited partners committed to the fund. The fund will target core-plus commercial buildings in key citie

Market Dec. 24, 2019

Seoul-based private equity house IMM Private Equity will become the largest shareholder of HanaTour Service, in a capital increase by South Korea’s No. 1 travel agency, HanaTour said on Monday. IMM PE will buy HanaTour’s newly issued 2.3 million common shares, or 16.7 percent of the outstanding shares, for 134.7 billion won ($115.8 million) -- with a 16.3 percent premium to its market price -- according to HanaTour’s disclosure. The funding will be raised from IMM PE&rsquo

Market Dec. 24, 2019

South Korea’s internet giant Naver-backed venture capital TBT said Tuesday it has named Startup Alliance Managing Director Lim Jung-wook as the new co-chief of the investment vehicle. Lim will take office in March, when his term at Startup Alliance expires.He is serving his seventh year as the head of the nonprofit organization, dedicated to startup ecosystem advocacy and community building. Formerly a career journalist, Lim served as the head of web portal operator Lycos and global b

Market Dec. 24, 2019

Seoul-based KTB Investment & Securities and KTB Asset Management have backed a 160 million euros ($177.2 million) acquisition of Tesco’s Distribution Center in Dublin, Ireland, by DTZ Investors, its adviser Cushman & Wakefield said Monday.It was the largest single-asset logistics transaction in Ireland by volume. The 73,000 square meter-wide warehouse is a logistics facility for dry goods distribution to some 150 Tesco stores across Ireland within three hours.  KTB partnered w

Market Dec. 23, 2019

Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt. The fund is backed by limited partners including Kaka

Market Dec. 23, 2019

The Fair Trade Commission said Friday that it has conditionally approved two separate merger and acquisition deals, one led by SK Telecom and the other by LG Uplus, reshaping the local pay TV industry as it is already undergoing a major transformation toward digital services.The decision clears regulatory hurdles for a 4.7 trillion won ($4 billion) merger between SKT’s internet protocol TV service arm SK Broadband with t-broad, the country’s No. 2 cable TV multiple system operator, a

Technology Nov. 10, 2019

In the global race for automation in logistics, unmanned mobile robots are playing an important role, largely with the assistance of an underlying system that varies from QR codes on the floor to beacon sensors on walls and wearable devices.South Korean startup Twinny is one company that is moving the other way by weaning its mobile robotic solutions off the system. By becoming independent, its robots can precisely locate themselves, detect a human to follow and execute the order-picking process

Technology Oct. 16, 2019

SINGAPORE -- Roughly 30 percent of France-based Schneider Electric’s revenue came from the Asia-Pacific region in 2018. Another 30 percent came from North America and Western Europe, respectively, with the portfolio ranging from voltage distribution products to solutions for automation, energy storage and smart building infrastructure.Behind the firm’s global clout is its ability to make use of local resources and meet local demands, a quality that is also playing out in South Korea,

Industry Sept. 22, 2019

SINGAPORE -- Traditional methods for cost efficiency in the labor-intensive field of shipbuilding and marine engineering will give way to digital solutions that are already quietly permeating the industry, Craig Hayman, CEO of UK industrial software developer Aveva, said in a recent interview with The Investor.“Shipbuilding firms are now focused on reducing labor (costs) associated with the construction and the number of hours put into designing them,” Hayman said, adding that South

Technology Sept. 19, 2019

SINGAPORE -- UK-based industrial software developer Aveva said Tuesday it plans to introduce its newly integrated industrial software by November in its digital push to streamline large-scale projects.The news comes amid the UK company’s push for software integration following its merger with French multinational firm Schneider Electric’s industrial software business in March 2018. Since the merger, Aveva has strived to bring together its design, engineering and construction capaciti

Technology Sept. 17, 2019