[Alpha Biz=(Chicago) Reporter Kim Jisun] Ssangyong C&E will sell its affiliate Ssangyong Remicon to Jangwon Remicon. It is a measure for strengthening business competitiveness and financial stability.

Ssangyong C&E announced on the 28th that it decided to sell some of its affiliates Ssangyong Remicon shares and related real estate for 385.6 billion won at a temporary board meeting. Specifically, it is a real estate owned by Ssangyong C＆E, which is rented and used by 79% of Ssangyong Remicon shares and Ssangyong Remicon.

Ssangyong C&E also explained, "The sale includes a put option that can sell the remaining 21% of the shares of Ssangyong ready-mixed concrete to the buyer within three years, which can finally secure about 440 billion won in cash."

Founded in 1965, Ssangyong Ready-mixed Concrete, a company specializing in ready-mixed concrete, operates 19 ready-mixed concrete plants nationwide and has an annual production capacity of 15 million ㎥. It was spun off from Ssangyong C&E in April 2009 and as of last year, its total assets were 325.6 billion won, with sales of 379.8 billion won and net profit of 20.5 billion won.

 

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