On March 14, Qingdao Double Star Co., Ltd. announced that it had signed a "share sale and purchase agreement" with the seller's representative (Korea Development Bank), and Kumho Tire will soon be officially changed to China.
Under the premise that the agreed prerequisites are met, Double Star acquired 42.01% of the shares of Kumho Tire for a total of 66,368,800 shares with 954.981 billion won (approximately RMB 5.758 billion).
Tire World Network learned that Park Sanya, president of Kumho Asiana Group, will decide whether to exercise the right of first refusal within 3 days from the date of receiving the notice of pre-emptive rights.
The pre-emptive right period is 30 days (from the date of receipt of the notice of pre-emptive rights).
At present, Park Sanqiu is still actively seeking to repurchase Kumho Tire as a third party through the establishment of a consortium. However, the Kumho Tire Creditors did not agree to acquire the Kumho Equity in this way.
On March 13, Park San-qiu said that if the creditor still does not accept the acquisition financing plan, or transfers the pre-emptive right to a third-party company, he will give up the repurchase of the shares of Kumho Tire.
If Park San seeks to give up, Qingdao Double Star will become the largest shareholder of Kumho Tire, which means that Kumho Tire officially changed its mind to China.
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