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Hanil Cement
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Hanil Cement Co, Ltd. Korean: 한일시멘트(Hanja: 韓一-) is a cement, concrete and chemical company headquartered in Seoul, Korea, established in 1961. It produces portland cement products and cement under the brand Remital.
Key Information
History
[edit]Huh Chae-kyung founded Hanil Cement Co. in 1961,[1] as the second oldest cement company in South Korea.[2]
Acquisition of Hyundai Cement
[edit]In 2007, a consortium of Hanil Cement and LK Investment Partners acquired a controlling stake of 84.56 percent stake or 14.17 million shares of Hyundai Cement from 32 creditors[3] The two companies formed HLK Holdings, a special purpose company, to acquire the shares.[4]
Price Fixing
[edit]South Korea's Fair Trade Commission (FTC) fined Hanil Cement with 44.6 billion won which has colluded to rig the prices of cement products by controlling output and market share in 2011.[5]
Price Manipulation Investigation
[edit]In July 2020, the special judicial police squad of the Financial Supervisory Service (FSS) of South Korea raided the headquarters of Hanil Cement and the house of Huh Gi-ho, co-chief executive of Hanil Holdings Co. The FSS charged that for the merger of Hanil Holdings' daughter company, HLK Holdings and Hanil Cement,[6] Hanil Holdings and Mr. Huh Gi-ho leveraged insider information to manipulate the stock prices in order to gain the greater control of the combined company.[7]
See also
[edit]References
[edit]- ^ History of Hanil Cement
- ^ Hanil looks to cement solid global future, October 24, 2010, Joongang Daily
- ^ Hanil Cement completes buyout of Hyundai Cement to rank No.1 in Korea Pulse News, 2017.07.18
- ^ Hanil completes acquisition of Hyundai Cement International Cement Review 19 July 2017
- ^ "Six cement makers fined for price rigging". 5 January 2016.
- ^ Brief Multi-Strategy: Korea M&A Spotlight: A Merger Between Hanil Cement & HLK Holdings and more, Smartkarma Daily Briefs, May 15, 2020
- ^ Korean financial watchdog raids Hanil Cement offices in stock manipulation probe, Pulse News, 2020.07.16
External links
[edit]
- Official website
- Business data for Hanil Cement:
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