Bids Due In For Kumho By Tomorrow

The bids for 80 per cent of Kumho’s tyre operations are due in by tomorrow and the company expects to name a final candidate by the end of the month. Press reports say that at least two bids have been submitted so far by US-based consortia. If the deal goes ahead, it will be among the largest-ever asset sales by a South Korean company to foreign investors.

Earlier today, Kumho’s shares rose 8.4 per cent while the overall stock market was down 0.41 per cent.