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.”