Toray Selected as Preferred Bidder, Coming Closer to Ownership

According to industry reports released on September 27, parent company Woongjin Holdings selected Toray as the preferred bidder and requested approval of the Seoul Central District Court Department of Bankruptcy.

Among the 56.2% stake for sale, 46.3% is owned by Woongjin Holdings, and 9.9% is held by each of Chairman Yoon Seok-keum’s two sons.

In addition to Toray, LG Chem, GS Energy, and UNID participated in the bid for Woongjin Chemical that took place on September 10. Toray offered 430 billion won (US$400 million), which is higher than the original market estimate.