S.Korea's Woongjin falls on plans to sell 25% stake in water purifier unit

Woongjin Co

27/06/2019 02:06

** South Korea's Woongjin Co Ltd  016880.KS , the holding
company of Woongjin Group, plunges after the group says its
education unit has decided to sell a 25.08% stake in Woongjin
Coway  021240.KS  to counter the group's financial risks
 urn:newsml:reuters.com:*:nL4N23X5D5
    ** In March, Woongjin's education unit - Woongjin Thinkbig
 095720.KS  - bought back a 22.17% stake in Woongjin Coway, a
water purification maker, from private equity firm MBK Partners
    ** Woongjin's unit - Woongjin Energy  103130.KS  - has faced
a corporate workout programme and the holding co's credit rating
dropped, which may cause unpredicted financial risks - co
statement 
    ** Co says it will focus on stable management of Thinkbig,
while seeking to sell its other units Booxen and Woongjin
Playdoci
    ** Woongjin shares fall more than 16%, while Woongjin
Thinkbig gains 4.5%
    ** Shares of Woongjin Coway trade higher, up 3.7%
    ** The broader KOSPI market  .KS11  was trading flat

 ((hayoung.choi.thomsonreuters.com@reuters.net))