AmorePacific sells building to ‘improve liquidity’

AmorePacific sells building to ‘improve liquidity’

THE WHAT? AmorePacific has announced the sale of its Sungam Building, located in the Gangnam district, to Hanyang Construction for 160 billion won in a bid to better the company’s financial position. 

THE DETAILS According to a filing to the Korea Exchange (KRX), AmorePacific has agreed the sale, which has risen from its initial valuation of 120 billion won. 

Built in 1985, the building has acted as a base for the group and its affiliates, however, has been leased out following the completion of newer headquarters in Yongsan, downtown Seoul.

THE WHY? The company released a statement regarding the reasons behind the sale, stating, “The sale of the building is aimed at improving the group’s financial soundness and increasing liquidity.”

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