[THE INVESTOR] The sale of Kyungnam Energy is set to gain momentum with the selection of Goldman Sachs to conduct the sale, local news reported on July 4.

Kyungnam Energy is a liquefied natural gas and liquefied petroleum gas supplier that holds monopoly in southeastern parts of South Gyeongsang Province. The company posted sales of 135.2 billion won (US$ 117.9 million) and operating profit of 12.1 billion won in the first quarter of the year. 

According to reports, Kyungnam Energy’s second largest shareholder Anchor Equity Partners selected Goldman Sachs to oversee the sale, and Samjong KPMG and Kim & Chang as the accounting and legal advisors.

Anchor Equity Partners holds 27.76 percent stake in the company, and Kyungnam Tech is the largest shareholder with 30.97 percent.

Kyungnam Energy has been buying up its own shares at 10,200 won since May 20. The offer is open until Nov. 21.

By Choi He-suk (cheesuk@heraldcorp.com)