KCGF grabs 5.15% stake of Taekwang's Daehan Synthetics
24 Aug '06
1 min read
Korea Corporate Governance Fund (KCGF) has acquired 68,406 shares, worth 5.15 percent of the stake, of Daehan Synthetic Fiber, the subsidiary of Taekwang Group.
Recently the fund had suggested an interest to invest in mid-size companies, and now, Daehan Synthetic the family owned conglomerate has become the target.
KCGF explained that Daehan was a successful company that does not get the recognition it deserves.
Company's net asset value comes up to 460 billion won but its market value has hovered between 80 to 90 billion won.
Taekwang Group is the 35th largest business group in the country, with 52 affiliates excluding state-run companies.
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