Aekyung Chemical said on the 19th that it decided to sell its Chinese subsidiary Aekyung (Ningbo) Chemical Co., Ltd. after operating through Aug. 31. The buyer was not disclosed.
On a standalone basis, Aekyung (Ningbo) Chemical Co., Ltd.'s sales last year were 137.7 billion won. This corresponds to 8.38% of Aekyung Chemical's sales.
The company said that while sales reflected in the consolidation financial statements will decrease due to the sale, operating losses will also narrow, which is expected to improve the financial structure.
An Aekyung Chemical official said, "Aekyung (Ningbo) Chemical Co., Ltd. is a company that produces general-purpose petrochemical products in China, and we decided to suspend operations to enhance competitiveness," adding, "We will continue normal production and sales until the suspension date and then proceed with the asset transfer process."