[DISCLOSURE] Ajin Industrial (013310) announced on Aug. 16 that it will guarantee a US$43.34 million debt of its subsidiary Joon. This amounts to 41.68 percent of the car parts manufacturer’s equity capital.

[THE INVESTOR] LG (003550) reported on Aug. 16 that its operating profit in the second quarter rose 22.2 percent to 417.7 billion won (US$380.84 million) from the same period last year. Its sales increased 11 percent to 2.68 trillion won and net profit was up 19 percent to 354.8 billion won on-year.

[DISCLOSURE] Hanwha Techwin (012450) denied the media reports saying that it will merge with its defense affiliates Hanwha Defense and Hanwha Thales in a statement released on Aug. 16 in response to Korea Exchange’s inquiry.

[DISCLOSURE] Daewoo Shipbuilding and Marine Engineering (042660) reported on Aug. 16 that its operating loss in the second quarter came in at 423.64 billion won (US$386.25 million). Its sales were 3.39 trillion won and the net loss increased on-year to 1.22 trillion won.

[THE INVESTOR] SK Telecom and Verizon Wireless have signed a memorandum of understanding to collaborate on fifth-generation technologies, the South Korean telecom operator announced on Aug. 15.At a signing ceremony held in Seoul on Aug. 8, the leading operators in South Korea and the US formed a partnership for global standardization of 5G technical specifications and joint research on the 5G network, a subject they have discussed since last year. The two firms will also share technology develop

[THE INVESTOR] South Korea’s VIP Research & Investment has garnered an additional US$100 million from Government Pension Fund Global of Norway, according to the investment industry on Aug. 16. The Norwegian sovereign wealth fund, one of the largest in the world with estimated assets of 860 trillion won (US$787 billion), chose the firm to manage US$300 million last year.Established in 2003 by co-founders JC Choi and Peter Kim, who met in a Seoul National University stock investment club in 2001,

[THE INVESTOR] Samsung C&T has inked a deal to build a biomass power station in the UK, it announced Aug. 15. It joined Spanish general contractor Tecnicas Reunidas and won the turnkey contract worth 650 million pounds (US$838 million) for Tees Renewable Energy Plant to build a heat and power biomass plant at Tees Dock near Middlesbrough, England. Samsung’s stake is about 27 percent, amounting to 175.5 million pounds. Developed by the UK’s MGT Power and funded by Macquarie and Danish pension fun

[THE INVESTOR] Veolia Water Solutions & Technologies Korea has joined the bidding for Suwan Energy, a heat and power plant operator in Gwangju, South Jeolla Province, according to the industry on Aug. 15.Veolia Korea, the Korean branch of the leading water services supplier based in France, has turned in a letter of intent to the Seoul Central District Court to take over the community energy provider.Suwan Energy provides heating and cooling to 40,000 households in Gwangju’s Suwan district, and

[THE INVESTOR]  Korean Reinsurance Company, the only reinsurance company in South Korea, reported Aug. 16 that its 3,810,876 shares (3.17 percent stake) owned by chairman Won Hyuk-hee have been inherited evenly between his two daughters, Jong-in and Gye-young. Won Jong-in now owns 2,680,547 shares (2.23 percent stake) and Won Gye-young holds 2,537,016 shares (2.11 percent stake). Chairman Won passed away at 89 years old in March. As the largest shareholder of Korean Re since 1998, he helped it g

[THE INVESTOR] K-Growth Investment, an independent fund of funds management company, announced on Aug. 12 that it has selected IMM Investment and Industrial Bank of Korea’s LX Investment Consortium to manage its tech credit bureau investment fund. It is the first specialized fund since the tech credit bureau evaluation system was introduced. IMM Investment will manage 70 billion won (US$63.54 million), 15 billion won of which will be financed by Growth Ladder Fund, managed by K-Growth. Industria

[DISCLOSURE] Halla (014790) announced on Aug. 12 that it has acquired land in Ulsan from its affiliate Vivaldi Town for 65.8 billion won (US$59.72 million).

[DISCLOSURE] GS Engineering & Construction (006360) announced on Aug. 12 that it will guarantee a 114 billion won (US$103.48 million) debt of SC. This amounts to 3.41 percent of its equity capital.

[DISCLOSURE] LG Display (034220) announced on Aug. 12 that it has sold 2,558,007 shares of Avaco (083930) in an after-hours block deal. The total amount reaches 16.9 billion won (US$15.34 million).

[DISCLOSURE] Handsome (020000) announced on Aug. 12 that its operating profit in the second quarter rose 102.5 percent to 8.08 billion won (US$7.33 million) from the same period last year. Its sales increased 20.4 percent to 145.23 billion won while net profit fell 63.6 percent to 8.82 billion won on-year.

[THE INVESTOR] Daewoong Pharmaceutical plans to file a lawsuit against Korea United Pharmaceutical for patent infringement, according to industry sources on Aug. 12.Daewoong claims that Korea United stole its patented sustained release technology that lets the drug maintain the efficacy for a longer time, in developing Gastiin CR tab, a new drug to improve indigestion.Gasmotin, the original medicine containing Mosapride Citrate made by Japan’s Dainippon Sumitomo and imported by Daewoong, and its

[THE INVESTOR] Shinsegae Duty Free store has succeeded in bringing in Louis Vuitton, one of the most coveted luxury brands, according to industry sources on Aug. 12.“Louis Vuitton will open a boutique in Shinseage Duty Free’s fashion luxury zone in April 2017,” said a company official following negotiations with the Louis Vuitton Moet Hennesy Group. This is the second Louis Vuitton store slated to open at a downtown duty-free store recently granted license. Along with Chanel and Hermes, the Fren

[DISCLOSURE] Hanjin (002320) acknowledged that it is considering taking over its affiliate Hanjin Shipping (117930)’s stake in a container terminal in Long Beach in California, US, but did not provide specifics in a statement released on Aug. 12 in response to Korea Exchange’s inquiry regarding the matter.

[DISCLOSURE] Hanwha (000880) announced on Aug. 12 that its operating profit in the second quarter rose 32.46 percent to 548.7 billion won (US$498.05 million) from the same period last year. Its sales increased 12.12 percent to 10.86 trillion won and net profit hiked 121.17 percent to 428.1 billion won on-year.

[THE INVESTOR] The new Lotte duty-free store at Gimpo International Airport is ready for operation starting Aug. 13, the company said on Aug. 12. The duty-free store chain which has been operating in the DF2 section at the airport will move its operations to the DF1 section as it won a bid for the next five years in May. The new section, formerly run by Shilla DFS, takes up about 400 square meters and will be fully operational in November. Lotte has completed partial renovation for about two-thi

[THE INVESTOR] Samsung SRA Asset Management, a consortium of financial divisions of Samsung Group, has been named as the preferred bidder to take over Germany's Commerzbank's headquarters in Frankfurt, the tallest office building in Europe, according to industry sources on Aug. 12. Commerzbank’s headquarters building in Frankfurt.The second largest German bank has chosen Samsung SRA, which offered 900 billion won (US$817.34 million), over Korea Investment Securities and Singapore’s sovereign wea