Creditors to sell Kumho Tire shareholding

The creditors who hold a 42 per cent share in Kumho Tire are said to have begun the process of selling the tyre maker. Reuters reports a spokesperson for Korea Development Bank, the largest Kumho Tire shareholder, as giving November or thereabouts as the deadline for initial letters of interest, with main bids coming in or around January. Credit Suisse has been appointed to manage the deal.

According to Reuters, analysts estimate the share up for sale to be worth around KRW 1 trillion won (£680 million).

The news follows speculation in June that a number of tyre makers were interested in building Kumho shares once they were freed up.