이 기사는 2020년 04월 23일 08시00분 thebell에 표출된 기사입니다

South Korea’s STIC Investments has decided to push back the schedule of its planned sale of Orion Technology in response to the COVID-19 pandemic.

STIC Investments, the largest shareholder in the marine and robot parts supplier with its 81.05 percent stake, has decided to move the first round of bidding for the company – which was originally scheduled for this month – to May, sources close to the matter said on Monday.

The PE firm and Deloitte Anjin, which is leading the sale process, issued an information memorandum to prospective buyers two months ago. Four to five consortiums of strategic and financial investors are reportedly considering joining the bidding process, along with starting to raise money for a possible investment in the company. But they have faced difficulties in securing capital commitments as limited partners are freezing up due to the fallout of the coronavirus pandemic.

The seller also appears to have considered bidders’ possible difficulties in conducting on-site due diligence of the company during the coronavirus lockdown. As the first round of bidding has been postponed until next month, the final bidding for the company is expected to take place in June or July.

Orion Technology is the only company in the country that provides electronic components for engines of large ships. It is also diversifying its business into robot parts, increasing its attractiveness to potential investors. According to the company’s annual financial report as of the end of last year, revenue and operating income rose 28 percent and 85 percent, respectively, year-on-year to 31 billion won and 3.7 billion won for 2019.

Orion Technology sold its non-core business units, including security monitors, under STIC’s ownership. Instead, it entered the industrial collaborative robots market in 2018, adding robot controllers and teaching pendants to its product portfolio. In addition, it has been focusing on developing electronic components used in smart ships, which are considered key to the future of shipbuilding.

In 2013, STIC bought 15 billion won convertible notes issued by Orion Technology, and two years later exercised its option to convert the debt into shares, which gave STIC 81.05 percent ownership of the company.

(By reporter Kim Hye-ran)