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Kumho Asiana Group set to complete legal separation from Kumho Petrochemical

December 02/2011

(Plastemart) -- Kumho Asiana Group, led by chairman Park Sam-koo, is set to complete on Wednesday its legal separation from Kumho Petrochemical Group headed by his brother Chan-koo. As per, Kumho Asiana Group, with Kumho Industrial, Asiana Airlines, Kumho Tire and others under its wing, will now be a separate conglomerate from Kumho Petrochemical Group, consisting of Kumho Petrochemical, Kumho Mitsui Chemicals and Kumho Polychem.

Park Sam-koo and his son Se-chang began the block sale of all of their shares in Kumho Petrochemical worth 409 billion won through Daewoo Securities and Nomura Securities. A 5.3% stake held by the senior Park, or 1.34 million shares, and a 5.15% stake (1.3 million shares) owned by his son were sold to around 100 institutional investors.

Chairman Park Sam-koo plans to use the money from the sale to increase paid-in capital of Kumho Industrial, the de facto holding company of Kumho Asiana Group, and Kumho Tire in an attempt to return as the major shareholder. The Park brothers have had a years-long feud over the management of Kumho affiliates.

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