(MENAFN- ABC Investments) To strengthen its grip on water
and air purifier market, South Korea's Woongjin Group will purchase the shares
of Coway from GIC Pvt. Ltd., a sovereign wealth fund created by the Government
of Singapore.
The midsized IT solution company
will purchase additional shares of more than USD 250 Million of the water
purifier manufacturer that would vary with respect to share price. To legally
take control over the subsidiary, Woongjin needs to secure 30% of Coway's
shares.
Earlier in 2013, Woongjin sold
Coway to a private equity firm, MBK Partners but later in 2018, it decided to purchase
22.17 percent stake in Coway Holding. According to the chairman at Woongjin
Corp., Yoon Seok-Keum talked about how leasing water purifiers and air
purifiers and even automobiles on rent is a mainstream business these days. He
addressed the acquisition of this company's shares to be beneficial for their
business's growth in future. During this acquisition the price per share was
double compared to the time when Woongjin sold around 30% interest and
management rights of Coway in January 2013.
Cowayis the leading water filter company that was established in 1989. It specializes in variety of products such as water & air purifiers, water softeners, bidets, cosmetics and mattresses among other life care products.
Source By :Woongjin, INC.
Steven John
Steven is working as a news editor with America News Hour. He started his career as a freelance news writer in 2012 and has helped people in all aspects of online marketing through the expert industry coverage. In addition to writing content as a freelancer, he is also an expert in business, lifestyle, politics, sports and tech & science news. His articles are now featured on the overwhelming news website and channels such as MarketWatch, Routers etc.
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