LS Group's energy unit E1 has been nominated as the suitable bidder to acquire Kukje Corp that has been legally bankrupt since 1998.
Changwon District Court in South Kyongsang Province is to negotiate with E1to permit the take over if it purchases about 40 million new shares which is around 50 percent of the total shares.
The deal is scheduled to be finalized by June this year.
Kukje Corp was a major manufacturer of sportswear and footwear in Korea with almost 350 outlets around country.
marketing@alchempro.com
