[THE INVESTOR] Chinese insurance company Anbang has sought the Financial Services Commission’s approval for acquiring Allianz Korea, the top financial regulator announced on Aug. 30. This comes after Beijing’s approval for the acquisition, according to Herald Business. Anbang Insurance had signed a stock transfer agreement with Germany’s Allianz Group to take over its South Korean unit for US$3 million in April.  Anban Insurance headquartersFor almost five months, though, it did not submit its q

[THE INVESTOR] Korea Electric Power Corp. has signed a US$39 million agreement with the Dominican Republic on Aug. 29 in Santo Domingo, it announced on Aug. 30.The deal covers installing and replacing the distribution network across the Central American country, and the South Korean state-owned company will cover the whole process from planning to execution.  KEPCO CEO Cho Hwan-eik (third from the right) and Dominican President Danilo Medina Sánchez (third from the left). KEPCOAs small and mediu

[THE INVESTOR] Green Cross has decided to introduce its quadrivalent flu vaccine in the US, according to news reports on Aug. 30.In 2015, the pharmaceutical company won approval for its GC Flu Quadrivalent, the first is Asia and the fourth worldwide flu vaccine that covers four strains of influenza -- two influenza A strains (H1N1, H3N2) and two influenza B strains (Yamagata, Victoria) -- with a single vaccination.Green Cross currently exports trivalent flu vaccine to 30 countries but has not be

[THE INVESTOR] Korea Development Bank has selected Samjong KPMG as the lead manager to sell off its entire stake in steel manufacturers Haewon ST and Haewon MSC, according to a report by Korea Economic Daily on Aug. 30. Samjong will accept letters of intent by Sept. 2 and will name candidates on Aug. 5. The bank owns 9.05 percent stake (2,730,857 shares) in Haewon ST and 9.13 percent stake (238,760 shares) in Haewon MSC, acquired in 2010 in a debt-equity swap as part of a workout process. Korea

[DISCLOSURE] Dongkook Industrial (001620) announced on Aug. 29 that it has decided to guarantee a 10.48 billion won (US$9.34 million) debt of its subsidiary KDK Automotive. This amounts to 5.7 percent of its equity capital.(theinvestor@heraldcorp.com)

[DISCLOSURE] Cosmo Chemical (005420) announced on Aug. 29 that it will sell a building and land worth 46.09 billion won (US$41.08 million) in Seoul to KAMCO to promote efficiency of asset management and secure liquidity. This amounts to 7.31 percent of its 2015 equity capital and the due date for the transfer is Aug. 30. (theinvestor@heraldcorp.com)

[THE INVESTOR] Daesung Industrial announced on Aug. 29 that its affiliate Daesung Heat Pump and Italian fuel cell company SOLIdPower will jointly develop next generation solid oxide fuel cell systems.They have partnered to develop the 10 kilowatt SOFC system for sale in South Korea where it is yet to be applied more broadly. Established in 2006, SOLIDPower is a global leader in SOFC and for its debut in South Korea, the Italian company chose Daesung, known for its heat exchanging technology and

[THE INVESTOR] Asiana Airlines announced on Aug. 29 that it has decided not to pursue maintenance, repair and overhaul business, a joint effort with North Chungcheong Province, due to lack of feasibility.The South Korean airliner had signed a memorandum of understanding with Cheongju City government and low-cost carriers Jeju Air and Air Busan in March 2015 to invest in an MRO facility at Cheongju Airport. The city and the province were looking at eligible sites while Chungbuk Free Economic Zone

[THE INVESTOR] The Ministry of Oceans and Fisheries announced on Aug. 29 it will spend 41.4 billion won (US$36.90 million) to expand the Busan North Port to accommodate larger international cruise ships by August 2018. It will enlarge the cruise dock of the northern harbor of Busan, widening it to 45 meters from 30 meters and extend the length to 440 meters from 360 meters so that a 220,000 gross tonnage cruise ship can dock. Busan Port currently has two exclusive docks for cruise ships and the

[THE INVESTOR] Hanwha Chemical announced on Aug. 29 that its subsidiary Hanwha Advanced Materials has failed in its bid to acquire Continental Structural Plastics, a US-based automotive materials manufacturer that supplies to General Motors, Ford and Chrysler. The preferred bidder will be announced in the next few days. By Hwang You-mee (glamazon@heraldcorp.com)

[THE INVESTOR] Eastar Jet launched a service between Jejudo and China’s Jinjiang on Aug. 29, increasing the number of its regular flights to China to eight, the largest number for a budget carrier. The South Korean low-cost carrier is continuing its lead in operations to China. Currently it operates non-scheduled flights from Yangyang, Gangwon Province, to 16 cities in China. It was the first to offer non-scheduled direct flights to Linyi, in June, and Dandong, in October 2015. Eastar Jet also j

[THE INVESTOR] Global Sae-A, the holding company of apparel maker Sae-A, is launching a golfwear range next year, according to media reports on Aug. 29. Based on the fabric sourcing knowhow compiled by its affiliate Sae-A, a leading OEM/ODM apparel maker that has catered to international clients since 1986, the company is seeking to establish a brand of its own with a sales target of 50 billion won (US$44.50 million) to be reached in two years.Hansae, another marker leader whose clients include

[THE INVESTOR] ] Korea Eletric Power Corp. has acquired a US power plant for US$34 million from private equity firm Carlyle Group, it announced on Aug. 28.The South Korean public enterprise has signed an agreement with Carlyle’s subsidiary Cogentrix Energy Power Management to take over the entire stake of Alamosa Solar Generating Plant in Colorado on Aug. 26.The deal was financed by a corporate partnership fund created with homegrown pension and funds including National Pension Service.Establish

[DISCLOSURE] Modacom (149940) announced on Aug. 26 that it will issue convertible bonds worth 10 billion won (US$8.97 million) and offer to Sejong, Gongpyeong and Hyundai Savings Banks and Sinbad Investment. The conversion price is 11,740 won and the conversion period is between Aug. 29, 2017 and July 29, 2019.By Yun Jeong-hyeon (clareyun@heraldcorp.com)

[THE INVESTOR] MBK Partners’ US$3 billion scheme to sell off ING Life Korea has been stifled, as Chinese bidders are currently unable to proceed with a deal, according to a Bloomberg report on Aug. 26.The new outlet reported that Chinese bidders including JD Capital and China Taiping Insurance Holdings are awaiting the nod of approval from their government as Beijing is considering suspending some acquisitions in South Korea to pressure the government not to deploy the Terminal High Altitude Are

[DISCLOSURE] DS Hi-Metal (077360) announced on Aug. 26 that its subsidiary DS UMT will be acquired by their affiliate DS Techopia to improve management efficiency. The ratio for the merger between the two firms is 1:0.67. The merger date is Oct. 31. By Yun Jeong-hyeon (clareyun@heraldcorp.com)

[THE INVESTOR] Englewood Lab, a US cosmetics developer and manufacturer, is seeking to be listed on South Korea’s secondary KOSDAQ bourse, and has turned in an application, it announced Aug. 26. The company is expecting to go public in mid-October, offering 3.5 million shares at a price band range between 6,000 won (US$5.40) and 7,000 won. The lead financial adviser is Hana Financial Investment. Established in 2004 in Englewood, New Jersey, by CEO David Chung, the skin care company supplies anti

[DISCLOSURE] Samsung Engineering (028050) announced on Aug. 26 that its affiliate Samsung Life Insurance (032830) has sold 41,635 shares between July 29 and Aug. 24, decreasing its stake to 0.04 percent. (theinvestor@heraldcorp.com)

[THE INVESTOR] The Ministry of Science, ICT and Future Planning unveiled the Software Convergence Cluster Daedeok Center at Daejeon Information and Culture Industry Promotion Agency on Aug. 26.The center will strengthen research and development of software for national defense, such as unmanned robot and surveillance patrols, based on the strategically located center’s infrastructure that connects related academies, government bodies, businesses and the military. By Hwang You-mee (glamazon@heral

[THE INVESTOR] South Korea and Russia bolstered ties Aug. 25, agreeing to work together to develop infrastructure in Russia’s far east and push forward with a free trade deal, Seoul’s Ministry of Strategy and Finance said. The agreements were reached at a South Korea-Russia joint committee meeting on the economy, science and technology held in Seoul. At the meeting, South Korea’s Deputy Prime Minister Yoo Il-ho, who also serves as finance minister, and his Russian counterpart Yuri Trutnev shared