[THE INVESTOR] HDC Shilla Duty Free announced on Sept. 28 that it will participate in the bid for a license to operate a new downtown duty-free store in Seoul. The deadline for receiving applications is Oct. 4.The firm is a joint venture between Hotel Shilla, led by Samsung Chairman Lee Kun-hee’s elder daughter Lee Boo-jin, and Hyundai Development.  It hopes to open a store in IPark tower in southern Seoul if it wins the bid. This will be HDC Shilla Duty Free’s second outlet, after it successful

[THE INVESTOR] Kakao announced on Sept. 27 that Chairman Kim Beom-su has pledged to donate his 30,000 shares to nonprofit organization ARCON to help young people find the right jobs. The shares will be donated at the rate of 10,000 a year over three years to arts & community network.Kim has also donated 30,000 shares to Ashoka Foundation Korea for its project to develop educational innovators in the country in July.By Hwang You-mee (glamazon@heraldcorp.com)

[THE INVESTOR] As the deadline for submitting bids for four additional downtown duty-free stores draws near, potential bidders are readying themselves more resolutely than ever.Four licenses will be granted by the Korea Customs Service, three for conglomerates and one for a small and medium enterprise.Duty-free stores have been a cash cow for many operators amid the rising influx of Chinese tourists, with total revenue of the outlets reaching US$967.94 million in August alone, according to Korea

[DISCLOSURE] Hansae Yes24 Holdings (016450) announced on Sept. 27 that it has signed trust contracts with Hana Financial Investment and KB Investment & Securities to repurchase its own stocks worth 10 billion won (US$9.01 million) to stabilize stock prices and promote values. (theinvestor@heraldcorp.com)

[THE INVESTOR]  Daewoo Shipbuilding and Marine Engineering’s CEO Jung Sung-leep went to Dubai hold a negotiation with the Angolan state-owned oil firm over 1 trillion won (US$990 million) dues last week, but failed to resolve the issue, according to the company on Sept. 27. The South Korean shipbuilder has completed building two drill ships, set to be delivered in June and July, respectively, but due to financial difficulties, the Angolan company has postponed the delivery. The companies have ag

[THE INVESTOR] SK Telecom announced on Sept. 27 that its venture affiliate Cremotech has signed a US$10 million contract with US distribution company KDC to supply stick-type smart beam laser projectors.Since 2013, the country’s largest wireless telecommunications company has supported the startup making 2.58 billion won (US$2.32 million) equity investment and providing nine patented technologies for free.They jointly succeeded in developing the world’s first handheld projector based on laser as

[THE INVESTOR] Chinese apparel company Lancy Group has decided to jointly establish an asset management firm with KEB Hana Bank, according to local media outlet edaily on Sept. 27.The joint venture with an estimated 1 billion yuan (US$149.70 million) initial equity capital will first invest in medical cosmetics. Lancy Group has acquired 30 percent stake in South Korea’s Dream Medical Group that consists of multiple hospitals and clinics related to aesthetics and cosmetic procedures for 4.5 billi

[THE INVESTOR] Ahngook Pharm has signed an agreement to adopt Y Biogologics’ immune checkpoint inhibitor, it announced on Sept. 27.The pharmaceutical company will run non-clinical and clinical trials on the antibody that restores or enhances the immune system’s ability to fight cancer. The treatment has been reported to have less side effects than first generation chemical therapy that attacks normal tissues and to be more effective than the second generation targeted therapy that kills or deter

[THE INVESTOR] South Korean cosmetics original development manufacturers Kolmar Korea and Cosmax are further solidifying their top positions, continuing double digit growth and expanding overseas.Kolmar and its subsidiaries reported 616.1 billion won (US$554.90 million) revenue in cosmetics business in 2015, according to Financial Supervisory Service’s data on Sept. 26. Cosmax’s six affiliates have posted a combined 592.6 billion won sales last year. Intercos of Italy, which has dominated the gl

[DISCLOSURE] Doosan Heavy Industries (034020) denied media reports that it plans to sell its stake in Doosan Engine (082740), in a statement released on Sept. 26 in response to Korea Exchange’s inquiry. (theinvestor@heraldcorp.com)

[THE INVESTOR] KT and its digital media representative Nasmedia announced on Sept. 26 that they will take over top search advertising firm N Search Marketing for 60 billion won (US$54.38 million).The country’s largest telecom and internet group will own 33.3 percent stake and its affiliate will own the rest. N Search Marketing is a leading online advertising agency whose clients include Google, Facebook and Naver. It split off from Naver, and since 2014 has been owned by Han & Co. With this merg

[THE INVESTOR] Seegene announced on Sept. 26 that its Italian subsidiary Arrow Diagnostics has signed a five-year contract to supply sexually transmitted diseases and human papillomavirus detectors worth 7.5 million euros (US$8.43 million) to 17 state hospitals in Italy’s Toscana region. The South Korean company will provide molecular testers that can simultaneously test multiple sexually transmitted infections (AnyplexII STI-7) and multiple genotypes of human papillomavirus (AnyplexII HPV28) wi

[THE INVESTOR] Boryung Pharmaceutical announced on Sept. 26 that its high blood pressure treatment Kanarb is close to being approved for sale in Russia, Singapore and Malaysia.“Kanarb is expected to be granted permission in Russia in October, and in Singapore and Malaysia within this year. The official launch will be in the first half of 2017,” said Choi Seong-won, head of global business at the South Korean pharmaceutical company at a press conference in Seoul. The firm has partnered with Russi

[THE INVESTOR] Ildong Pharmaceutical’s Hepatitis B treatment Besifovir is in the process of receiving the Ministry of Food and Drug Safety’s approval for sales, according to industry sources on Sept. 26. It will be the first new drug to be developed by the South Korea pharmaceutical company, to be introduced next year.Besifovir has completed phase 3 of clinical trials that found it to be as effective as Gilead Science’s Viread, which sold more than 100 billion won (US$90.63 million) worldwide in

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering will sell its Seoul headquarters building to Capstone Asset Management for 170 billion won (US$154.07 million), according to news reports on Sept. 26. This is 5 billion won less than the price suggested by KORAMCO, which has been selected as the exclusive negotiation partner for the sale of the 22-story building, with 24,854 square meter gross area. DSME abruptly halted talks with the real estate developer last week when the company faile

[THE INVESTOR] Two suitors have participated in the bid to acquire Suwan Energy, according to the Seoul Central District Court on Sept. 23.“Two companies have turned in letters of intent,” said a source at the bankruptcy department of the court adding that “a preferred bidder will be chosen next week.”The sale of South Jeolla Province-based heat and power plant operator will be used to pay off the 106 billion won (US$95.91 million) debt of its parent company Keangnam Enterprises which owns 70 pe

[THE INVESTOR] Firstec has signed a memorandum of understanding with Israel’s UVision on Sept. 16 to develop South Korea’s first smart unmanned aerial vehicle that incorporates a guided missile. The homegrown aviation defense company will take charge of manufacturing and assembling parts and exclusively sell the short-range lethal aerial loitering system of UVision, which was the first to commercialize the weapon. “South Korea is a strategic market for us for two main reasons. First, we have ide

[THE INVESTOR] Korea Electric Power Corp. decided to invest 8.3 trillion won (US$7.51 billion) in new energy businesses such as energy storage system by 2020, at a meeting with its subsidiaries in Seoul on Sept. 23.The state-owned utility firm will also increase the budget for research and development in the field to 700 billion won by 2025 from the current 100 billion won. KEPCO also confirmed that it will invest over 10 trillion won to implement government plans for closing down power plants a

[THE INVESTOR] Kyung Dong Navien is building a boiler and water heater factory in Beijing, it announced on Sept. 23. The boiler company is investing 13 billion won (US$11.76 million) for an automated facility that can manufacture up to 300,000 units a year by 2017, and will expand and complete the plant with a capacity for 500,000 by 2020.It was the first South Korean boiler maker to enter China in 1993. The leading energy company made 48 percent of its 512 billion won annual sales in overseas m

[THE INVESTOR] About 10 bio plants are scheduled to start operating by 2020, according to news reports on Sept. 22. Four plants including those of pharmaceutical heavyweights Daewoong and Green Cross, both in North Chungcheong Province, will be completed later this year. SK Plasma’s factory for blood derivatives as well as SK Biotech’s plant are slated to open in 2017 while mega biosimilar facilities of Samsung Biologics and Celltrion will operate from 2018 in Incheon. A screen welcoming visitor