Seoul – Kumho Tire has been separated from its parent organisation Kumho Asiana group under a voluntary agreement system with its creditors, Business Korea has reported.
According to the report, Kumho Tire announced its independence from the parent group on 28 Dec, in-line with financial regulations in South Korea.
Business Korea added that the separation reduced Kumho Asiana Group's assets to 12.3 trillion won (€9.62 billion) from 15.6 trillion won at the end of 2016.
The company’s ranking also dropped from 19 to 24 among Korean business groups.
