GS Energy sells 49% in power plant unit GS Power to IMM Investment at $864 mn
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GS Energy announced Sunday that it has internally decided to sell a 49 percent stake, or 31.36 million shares, in GS Power to the Seoul-based PEF at 1.02 trillion won ($863.9 million). They will formally sign on a stake sale deal on Dec.17, according to the company.
GS Energy will retain its management right over GS Power with the remaining 51 percent stake.
IMM Investment is said to have decided to buy the stake in Power as financial investor. In 2012, KB Kookmin Bank-led consortium made 413.0 billion won worth stake investment in GS Power and GS Energy last year bought back the stake at 710 billion won.
With new funds, GS Energy is planning to accelerate its push for future green business as part of the group-wide environment, society and governance efforts to achieve four goals—expanding green power generation portfolio, leading the smart power solution market, establishing resource circulation ecosystem and reforming infrastructure for clean hydrogen production.
GS Power is the second-largest cogeneration power plant operator after Korea District Heating in Korea. It was acquired by GS Group in 2000 from state-run Korea Electric Power Corp. under the government’s privatization policy for state-run companies.
The power plant operator raised 131.5 billion won in operating profit during the first three quarters of this year, down 7.1 percent from the same period last year. Its sales jumped 2.5 percent on year to 594.1 billion won in the January-September period.
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