Nonlisted Seoul-based real estate developer Jinwon Engineering & Consulting Co. Ltd. is close to acquiring a 30% stake in Taurus Investment & Securities Co. Ltd. which will make it the securities company's largest shareholder, The Financial News reported.
According to industry sources, Jinwon ENC has completed due diligence to acquire the stake from individual shareholders.
Taurus founder Chairman Sohn Bok-jo is expected to retain his 13.5% stake in the 10-year-old South Korean securities company.
Jinwon ENC is also considering a capital increase of about 50 billion won after the deal is concluded.
Jinwon ENC already has a presence in the South Korean financial services industry, including startup financing unit GMB Investment Co. Ltd. and credit research unit SCI Information Service Inc.
As of May 16, US$1 was equivalent to 1,078.62 South Korean won.
