Aekyung Industrial up for sale as group struggles to ease liquidity crunch

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The story "Aekyung Industrial up for sale as group struggles to ease liquidity crunch" was covered 1 days ago by Korea Economic Daily, a news publisher based in South Korea.

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Aekyung Industrial up for sale as group struggles to ease liquidity crunch - Korea Economic Daily

Quick Summary:

Despite its financial stability, Aekyung Industrial’s valuation remains significantly lower than its peers, with its price-to-earnings ratio (PER) of 8 to 9 times compared to crosstown rival LG H&H Co.’s multiple of 30.With 7.12 trillion won in assets, AeKyung Group’s major subsidiaries include Aekyung Industrial, Aekyung Chemical Co., Jeju Air, department store operator AK Plaza and real estate developer AMPLUS Asset Development Inc.

Aekyung Industrial owns popular household brands such as Kerasys for hair care products, 2080 for oral care goods and Luna for cosmetics.The company posted 46.8 billion won ($31.8 million) in operating profit on sales of 679.1 billion won last year.

According to investment banking sources on Tuesday, AeKyung Group has initiated the process of selling its controlling 63% stake in Aekyung Industrial, currently owned by AK Holdings Co.and Aekyung Asset Management Co.