Seoul, Korea – Kumho Tire creditors are set to close a deal on the sale of 42.01% majority stake shares to Chinese tire maker Qingdao Doublestar, The Investor has reported.
According to the business news website, the creditors, led by state-run Korea Development Bank, expect to enter into a stock-purchase agreement with the Chinese tire maker around 10-13 March.
Citing local media, the report said the final price of the deal was set at 955 billion won (€778 million).
Kumho Asiana chairman Park Sam-Koo, however, still has right of first refusal, through which he could buy back the stakes with a higher bid. He will be notified of the agreement within three days, The Investor noted.
Earlier reports from Korea have suggested that Park has secured the necessary funds to buy back Kumho Tire’s shares.