South Korea: Eugene Group intends to increase its stake in Tongyang up to 25%. The South Korean conglomerate has expressed its interest in leading Tongyang, including its cement subsidiary, according to Maeil Business.
“Tongyang has tens of thousands of shareholders without a significant major shareholder after its workout program,” said Chung Jin-hak, head in charge of construction materials unit of Eugene Group. “As of late last year, among 34,000 shareholders, only four companies including Eugene Group and Pine Tree Investment and Management own more than 1% stake each.”
Tongyang’s largest shareholder Eugene Group holds a 10.01% stake in the company, followed by the 9.74% owned by Pine Tree Investment and Management. Eugene Group plans to buy shares through all possible measures such as purchasing shares directly from major shareholders, in a block trade or in the market. Eugene Group has highlighted potential synergies between its own concrete business and Tongyang.
