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China - Qingdao DoubleStar tire manufacturers Limited by Share Ltd (000599.SZ) on Monday morning announcement that the parent company and its subsidiaries micro Star Star Group Korea Companies has with South Korea Kumho tire (073240.KS) creditors on behalf of the Korea Development Bank signed star micro Kumho tire Korea will subscribe for additional shares, the subscription shares and hold Kumho tire 45% to its controlling shareholder.
According to Xinhua News Agency reported earlier, the binary joint Qingdao other three state-owned enterprises jointly funded the purchase of Kumho tire shares, the capital at about 4 billion yuan, is expected in the three quarter of this year to complete the delivery. After the capital of Korea Development Bank and other creditors will continue to hold about 23% of the shares of Kumho tire.
Double star group said that after the completion of the delivery, double star will play Kumho tire advantage and double brand synergy, to become the world's leading international enterprises as soon as possible.
Last March, Qingdao DoubleStar has announced that its investment in mergers and acquisitions Fund - Star micro fund subsidiary of Qingdao micro star international investment company intends to 954 billion 980 million won (about 5 billion 700 million yuan fold), acquisition of Kumho Korea tire 42.01% stake. After conversion per Kumho tire purchase price of 14389 won. But after South Korea reaction and Kumho tire performance and other reasons, the two sides to terminate the acquisition agreement.

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