Doublestar finalises Kumho shares purchase

Beijing – Qingdao Doublestar Group has concluded its acquisition of a 45% ownership stake in South Korea’s Kumho Tire Co. Inc., closing an 18-month chapter of uncertainty in Kumho’s 58 year history.

Qingdao Doublestar Group and its Korean subsidiary Xingwei Korea Co. Ltd. signed a contract in April with Korea Development Bank to acquire KDB’s stake in Kumho Tire through a $607 million private placement.

By doing so, Doublestar becomes Kumho Tire’s controlling shareholder, while KDB and other Kumho creditors will remain the second largest shareholder with…

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