이 기사는 2021년 06월 10일 07:35 thebell 에 표출된 기사입니다.

Kumho Tire’s creditors are considering a sale of their shares, which has pushed a shortlist of firms, including Kumho Petrochemical, to the forefront as potential buyers for a 23.11% stake in the tire maker.

Nine lenders including Korea Development Bank, which have held shares in Kumho Tire for the past 11 years since the company’s debt restructuring in 2010, is planning to sell their 23.11% stake, or some 66.4 million shares, in the second half of the year, industry sources said.

They are weighing the sale as a three-year lock-up period that they agreed to when the company was sold to China’s Doublestar in 2018 will end in early July. Under the agreement, half of the 23.11% stake can be sold after the lock-up and the rest can be sold a year later.

Kumho Petrochemical has been mentioned as an attractive buyer should creditors sell their holdings in Kumho Tire. The two companies were previously part of the family-run Kumho Group. The petrochemical company was established to supply raw materials such as synthetic rubber to the tire maker.

This vertical integration could still be a viable option to enhance operational performance and productivity. Kumho Petrochemical is the world’s number one producer of synthetic rubber, with many tire makers including Michelin, Hankook Tire and Nexen Tire among its customers.

Kumho Petrochemical also has sufficient liquidity on hand to finance the acquisition, recording strong growth in its financial performance in recent quarters on the back of expansion of the petrochemical industry. The company’s cash and cash equivalents stood at 754.9 billion won ($678 million) as of the end of March.

But the company may not want to have a holding in Kumho Tire as that could have a negative impact on its relationships with its tire-maker customers, industry watchers said.

Minority ownership is also likely to reduce Kumho Petrochemical’s interest in acquiring creditors’ stake. Kumho Tire is currently controlled by Doublestar, which owns 45% of the tire maker.

However, there have been continued rumors that Doublestar could put its majority stake in Kumho Tire up for sale, with the Chinese tire company suffering financial difficulties in the past years after failing to expand its market share in China.

If Kumho Petrochemical buys creditors’ minority stake, it could gain the upper hand when Doublestar potentially seeks to find a buyer for its majority stake in Kumho Tire.

There is also a possibility that a consortium of a strategic buyer and a private equity firm might show interest in buying the stake in Kumho Tire. Previously, Hankook Tire & Technology and private equity firm Hahn & Co jointly acquired automotive supplier Hanon Systems. Under the agreement, Hankook Tire & Technology had the right of first refusal to purchase Hahn & Co’s majority stake in Hanon Systems.

Shares of Kumho Tire traded in the 6000 won range on Tuesday, versus an average of about 14,000 won when the company was in good shape. The stake is expected to be sold lower than the market price as the sale price is usually discounted in a block trade. (Reporting by Seul-bong Go)