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[THE INVESTOR] Disgraced former CEO of Nature Republic Jung Woon-ho is looking to sell his majority stake in the company in the wake of scandals involving his alleged embezzlement and illegal lobbying, according to people familiar with the matter on Sept. 30.
Jung, who stepped down from his post in June, is seeking to sell his 73.88 percent stake in the South Korean cosmetics firm in a deal that could value the company at around 700 billion won (US$634.17 million), or 90,000 won per share.
Two Chinese potential buyers have submitted letters of intent for the acquisition so far.
The skincare product manufacturer has been posting sluggish earnings since Jung was jailed on charges of gambling overseas in October 2015.
In the first half of 2016, the firm logged 1.8 billion won in operating losses.
In the first quarter, Nature Republic’s operating profit stood at 1.9 billion won, which was just a fourth of the amount a year earlier.
Jung was thrown into deeper trouble after prosecutors found that he allegedly hired a judge-turned lawyer to influence the prosecution and the court dealing with his cases.
By Park Han-na (hnpark@heraldcorp.com)
Jung, who stepped down from his post in June, is seeking to sell his 73.88 percent stake in the South Korean cosmetics firm in a deal that could value the company at around 700 billion won (US$634.17 million), or 90,000 won per share.
Two Chinese potential buyers have submitted letters of intent for the acquisition so far.
The skincare product manufacturer has been posting sluggish earnings since Jung was jailed on charges of gambling overseas in October 2015.
In the first half of 2016, the firm logged 1.8 billion won in operating losses.
In the first quarter, Nature Republic’s operating profit stood at 1.9 billion won, which was just a fourth of the amount a year earlier.
Jung was thrown into deeper trouble after prosecutors found that he allegedly hired a judge-turned lawyer to influence the prosecution and the court dealing with his cases.
By Park Han-na (hnpark@heraldcorp.com)
