Investors join forces to secure Qxpress management rights: report
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Qoo10 Group CEO Ku Young-bae could lose control over the group’s logistics arm Qxpress, as its financial investors are reportedly mulling taking over his management rights.
According to a local news report Friday, a group of private equity firms, including Crescendo Equity Partners, Corstone Asia, Metistone Equity Partner, Cactus Private Equity and Korea Development Bank Private Equity, are discussing ways to exchange their rights in the company to common stock.
The investors are said to have invested a combined 170 billion won ($124 million) into Qxpress through preferred stocks as well as convertible and exchange bonds with hopes of the firm’s listing in the US. Amid a snowballing liquidity crisis involving Qoo10-owned Tmon and WeMakePrice, the investors seem to be joining forces to keep their distance from Ku, who controls almost 95 percent of the company.
Once the investors exercise their rights, they could secure more than 50 percent of the company, lowering Ku’s stake to below 50 percent.
Meanwhile, financial authorities estimated that the amount of delayed payments to vendors by Tmon and WeMakePrice stood at 274.5 billion won as of Wednesday, up from 213.4 billion won a week ago.
The figure is expected to surge by more than threefold as additional transactions from June and July approach their settlement dates.
By Im Eun-byel(silverstar@heraldcorp.com)
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