S Korea’s SsangYong Motor picks manager to sell Mahindra’s stake in India

Photo: Reuters

South Korea’s SsangYong Motor has picked a manager to sell a stake held by India’s Mahindra and Mahindra, a spokesman at SsangYong said on Friday.

SsangYong is looking for a new investor and has picked Samsung Securities, which is working with its global strategic partner Rothschild, to tap the market for interest, South Korean media reported earlier on Friday.

The spokesman declined to name the adviser. Samsung Securities declined comment. Rothschild did not immediately reply to a request for comment. Mahindra, which holds a 74.65% stake in SsangYong, was not immediately available for comment.

SsangYong shares closed up 30% on Friday after the news versus a 0.4% rise in the wider market.

An executive at Mahindra said last week that it is willing to let go of its ownership stake in SsangYong.

The stake at is valued at 332 billion won ($274.59 million)as of Friday’s closing.

The automaker suffered from sluggish sales even before the spread of COVID-19 due to being increasingly sidelined in the fiercely competitive sports utility vehicle (SUV) market, and in the first quarter it marked its 13th consecutive quarterly operating loss.

SsangYong provisionally sold 31,110 vehicles during January-May this year in South Korea, down 35% from 47,731 in the same period last year. It exported 8,097 vehicles, down 21% from 10,299 in the same period last year.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.