Mahindra tries to cut ties with SsangYong Motor SsangYong Motor CFO resigns as non-executive director of its subsidiary
Translated by Kim So-in 공개 2021-04-14 07:40:16
이 기사는 2021년 04월 14일 07:33 thebell 에 표출된 기사입니다.
SsangYong Motor's board will no longer have a board member related to its parent Mahindra & Mahindra as SsangYong Motor Chief Financial Officer Ashutosh Vidwans resigned as the non-executive director of SY Auto Capital on March 30, industry sources said on Monday.Founded in 2015, SY Auto Capital is a capital unit of SsangYong Motor. The company is 51% owned by SsangYong Motor and 49% by KB Capital.
Mahindra, the largest shareholder of SsangYong Motor, had paid attention to the company, with Mahindra’s management executive serving on the SY Auto Capital’s board. Vasudev Tumbe served as the non-executive director of SY Auto Capital until December 2012 and Vidwans took over the position.
SY Auto Capital was the only subsidiary of SsangYong Motor where Mahindra’s executive took a seat on its board. Mahindra Managing Director Pawan Goenka has served as the chairman of the SsangYong Motor’s board only.
SY Auto Capital has shown stable performance since its establishment, recoding operating profits and net profits for five consecutive years from 2016 to 2020. It posted operating profit of 2.7 billion won ($2.39 million) and net profit of 2.1 billion won in 2020.
SsangYong Motor’s Australian unit recorded sales of 51.5 billion won in 2020, up from 30.1 billion won in 2019, but recorded loss of 3 billion won. Its total asset is negative 6.8 billion won, indicating complete capital erosion. Its European unit is also in complete capital erosion. Its Chinese unit recorded net loss of 200 million won in 2020 and will be offloaded.
Mahindra is virtually stepping out of SsangYong Motor's management after saying last year that it will look for new investors without making additional investments in SsangYong Motor. It is also said that Mahindra is in a hurry to cut ties with SsangYong Motor before the settlement of last fiscal year (March). The resignation of Vidwans from registered executive seems to reaffirm Mahindra's willingness to break up with SsangYong Motor.
KB Capital, a joint venture partner, also faces uncertainties as SY Auto Capital borrowed 40 billion won from KB Capital at the end of 2020. NongHyup Bank and Shinhan Bank also provided loans of 3.25 billion won and 3 billion won respectively to SY Auto Capital. (Reporting by Kyung-tae Kim)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- '첫 배당' 세림B&G, 주주환원+실적 자신감
- [Policy Radar]'간판' 바꾼 성장성 특례, 기업 발길 왜 '뚝' 끊겼나
- [LS 딜 주목하는 IB들]IB 순위 뒤흔들 딜 'LS MnM'...등판 전 밸류업 '속도'
- [Rating Watch]'캐피탈 지원' 메리츠증권, NCR 하락 우려
- [LS 딜 주목하는 IB들]"전선업 밸류 적기"…에퀴티 조달 머리맞댄 IB들
- 솔브레인, 오너 3세 주식 매각 '정문주 승계 굳히기'
- 비덴트의 해방공탁, 빗썸 지배구조 단일화 길 열리나
- BNK캐피탈의 남다른 '중앙아시아' 행보
- [캐피탈사 부동산PF 위기 대응]롯데캐피탈, 10대 건설사 선순위 위주 구성…연체 사업장 '전무'
- [저축은행 이사회 돋보기]OK저축, 정길호 대표이사 '의장' 자리 계속 간다