Hanil completes acquisition of Hyundai Cement

Hanil Cement Co has completed the acquisition of Hyundai Cement Co in South Korea.

The consortium of Hanil Cement and LK Investment Partners has paid US$552.2m for a controlling stake of 84.56 per cent stake (or 14.17m shares) of Hyundai Cement from 32 creditors, including the Korea Development Bank and Hana Financial Investment Co. The two companies formed HLK Holdings, a special purpose company, to acquire the shares.

Hyundai Cement held a shareholders’ meeting on Tuesday, approving the Hanil Cement Vice-Chairman Huh Gi-ho and LK Investment Partners Chief Executive Officer Kang Sung-boo as new board members.

Hyundai Cement currently runs two factories producing 5.5Mta of cement.