South Korean conglomerate with diverse business operations spanning chemicals, construction, fashion, healthcare and textiles, including synthetic turf, Kolon group, aims to liquidate non-core assets held by the group. The first asset up for sale is the 18-hole golf course Woojeong Hills country club.
According to the investment banking industry, Kolon group is said to be gauging market reactions regarding the sale of Woojeong Hills CC. To this end, they are reportedly considering selecting a major domestic accounting firm as the lead manager.
As of the end of last year, the debt ratio of Kolon, the holding company of Kolon Group, was 207%. Current liabilities, which must be repaid within a year, amount to 3.6 trillion won, exceeding current assets, which can be liquidated within a year, amounting to 2.38 trillion won by about 50%. The won trades 1700 won to 1 USD.
Woojeong Hills CC is an 18-hole membership golf course located in Cheonan, South Chungcheong province. Alongside Raviebelle CC in Chuncheon, Gangwon province, it is one of the major golf assets owned by Kolon group. Currently, the operation is managed by Green Narae, a wholly-owned subsidiary of Kolon Glotech.