Cooper to Sell 10.71% Kumho Share

Kumho Tires is looking for investors to acquire a £54.9 million share in itself currently owned by Cooper Tire & Rubber, reports a company spokesperson. The US based firm intends to sell the 10.71 per cent share it acquired in 2005 for 109.8 billion South Korean won.

Cooper has a right to sell the shares at 14,650 won per share, the spokesperson said, however Kumho shares are currently down 3.1 per cent, at 8,500 won. It is thought that Kumho will face difficulties finding investors.