Hanyang Securities up for sale; in talks with KCGI, Woori

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Hanyang Securities up for sale; in talks with KCGI, Woori - Korea Economic Daily

Quick Summary:

Hanyang Securities Co., a small-sized South Korean brokerage firm, has been put on the market as its parent group Hanyang University Foundation is scrambling to keep afloat its property development arm and university hospital grappling with liquidity crunches, according to people with knowledge of the matter.

The proposed sale of a controlling stake in the brokerage firm comes as non-residential building developer Hanyang Industrial Development Co.is reeling from the the project financing market meltdown amid the prolonged slump in the real estate industry.

Seoul-based private equity firm KCGI, logistics-to-trading conglomerate LX Group and Woori Financial Group are vying for a controlling stake in the brokerage firm, a deal estimated at up to 150 billion won ($109 million), said the sources.