This article was published on May 20, 2025, at 3:35 p.m. on the ChosunBiz MoneyMove site.
Aekyung Group's Central Country Club (CC) is currently in the main bidding process for its sale, and it has recently been confirmed that Kumho Petrochemical's subsidiary, Kumho Resort, has also entered the acquisition race.
The sale procedure is expected to be swift. Aekyung Group plans to select a preferred negotiator (PN) as early as this month and finalize the main contract (SPA) next month.
According to investment banking (IB) industry sources on the 20th, Samjong KPMG, the lead manager for the sale of Central CC, plans to select a PN and sign a binding memorandum of understanding (MOU) within this month.
Earlier, on the 12th, Samjong KPMG conducted the main bidding for the sale of Central CC. The main bidding was held for buyers who participated in the preliminary bidding in April. It is reported that the sale will focus more on strategic investors (SI) rather than financial investors (FI), and among those submitting letters of commitment (LOC) this time, Kumho Petrochemical was included.
Kumho Petrochemical already owns the Asiana CC in Yongin through its 67% subsidiary, Kumho Resort. With Central CC, which has good location conditions, now on the market, it is interpreted as an effort to add another golf course to the group's ownership.
Industry insiders indicate that the sale price is likely to exceed 200 billion won. Each hole is estimated to sell for at least 10 billion won, totaling 180 billion won, with the remaining land selling for over 20 billion won. Excluding the 9 holes that can be developed on the vacant land, the average price per hole would be more than 11 billion won.
The entire proceeds from the sale of Central CC will go to the parent company, Aekyung Chemical, which holds 100% of the equity in Central CC. Aekyung Group is expected to transfer the sale proceeds to the holding company AK Holdings after selling Central CC. AK Holdings owns 60% of Aekyung Chemical.
Aekyung Group is expected to commence the sale of Aekyung Industrial as soon as the PN for Central CC is selected, with plans to hold preliminary bidding as early as the second week of June.
Initially, AK Holdings was considering backing out of the sale of Aekyung Industrial if Central CC sold for a high price, but it is reported that the plan has changed, and it has now confirmed to sell both. The desired sale price for Aekyung Industrial from the selling side is around 600 billion won.