KCC exits Mando

KCC exits Mando via $597 million placement

KCC initially planned to sell about half its stake in the Korean auto parts manufacturer, but strong demand allowed the deal to be upsized by close to 100%.
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Mando's biggest customer is Hyundai-Kia (AFP)
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<div style="text-align: left;"> Mando's biggest customer is Hyundai-Kia (AFP) </div>

Construction materials manufacturer KCC Corp raised W635.5 billion $597 million yesterday through the sale of its remaining 17% stake in Mando Corp, a Korean auto parts maker. The pre-IPO investor took advantage of a stock market rebound in Korea and the rest of Asia yesterday following two days of sharp declines on Monday and Tuesday and managed to cash out as the stock trades at near-record highs.

This was the third Korean block trade in the past week, following sell-downs in KB Financial and Shinhan Financial, and confirms that investors are still happy to increase their exposure at the right price. However, it also shows that sellers need...

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