·KG Group's subsidiary inked an agreement to acquire roughly 72.2 percent of K Car, the country's largest secondhand car platform by number of directly operated outlets, and the company plans to boost exports of Korean vehicles to overseas markets.
·KG Group aims to transform K Car into a global used-car platform to boost exports of Korean vehicles to overseas markets.
·The group also pledged to return 50 percent of the net profit generated by its listed affiliates to shareholders over the next five years to enhance shareholder value, though its stocks continue to underperform despite the broader rally in the Korean equity market.
·“Korea has lots of good cars from not only KG Mobility but also from Hyundai Motor and Kia, and through K Car, we will be able to retail all those vehicles,” Kwak Jea-sun, the chairman of KG Group, said at a press conference in Yeouido, western Seoul, on Tuesday.
·“K Car could help establish a global used-car business model, and this approach could be particularly useful in countries with lower levels of economic development than Korea,” he added, describing the endeavor as a “new frontier.” KG Steel, a steel-making subsidiary under KG Group, inked an agreement to acquire roughly 72.2 percent of K Car, the country’s largest secondhand car platform by number of directly operated outlets, from Hahn & Company.…
