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…

To read more,please login or register below.

This is the first step to more free
content, user offers, subscriptions
and more.
Log in here using the Email Address
and Password you signed up with