77015

Iran Tech Firm Eyes S. Korean Company

Iran Tech Firm Eyes S. Korean Company

Iranian electronics manufacturer Entekhab has submitted a letter of intent to purchase a 100% stake in South Korea’s Dongbu Daewoo Electronics.
China’s Meidi Electronics, Turkey’s Vestel and two other Korean companies were also vying for the acquisition as of late Tuesday, the deadline for the main bidding applications, according to South Korea’s financial industry, the Korea Herald reported.
Dongbu Daewoo Electronics is an export-oriented home appliance provider that specializes in small- and mid-sized products sold at affordable prices.
The sale of cash-strapped Dongbu Daewoo Electronics follows a decision by financial investors that had funded Dongbu Group’s purchase of Daewoo Electronics in 2013.
The company is currently exporting home appliances, including washing machines, refrigerators and ovens, to 80 countries in South America, Europe, Asia and North Africa, according to the firm.
Iran’s Entekhab is a partner of Dongbu Daewoo, which is expected to lend it a competitive edge in the bid. The Iranian firm is rising as a strong contender, sources said.
“A preferred bidder is expected to be announced this week at the earliest,” a financial source said.
The three foreign players are viewed as having an advantage, considering their capital power compared to Korea-based Dayou Winia and SAE-A, according to an industry source.
The Dongbu Daewoo deal is expected to be worth around 200 billion won ($185.7 million).

Short URL : https://goo.gl/oWcvUn
  1. https://goo.gl/Q7yPCZ
  • https://goo.gl/q82wkc
  • https://goo.gl/Qjnu7A
  • https://goo.gl/1RCgoM
  • https://goo.gl/kjnhqL

You can also read ...

Swiss Firms Preparing to Quit Iranian  Market Over US Sanctions Risks
Several Swiss newspapers on Sunday reported that Swiss firms...
EU Rushes to Protect Economic Interests in Iran
With a reputation of a slow-working institution that only gets...
Chabahar’s Shahid Beheshti Port: Cheapest Business Option in Region
With new moderated prices for services offered at Chabahar’s...
German Companies Cannot Be  “Totally Shielded” From US Iran Move
The German government will help German firms with business in...
New Report Reveals Banks’ NPL Ratio Gap
A senior member of Majlis Article 90 Commission presented the...
Tehran Startup  Studio Launched
The University of Tehran and the Noor Credit Institution have...
Tehran Stocks Unshaken by US Nuclear Deal Pullout
Iran nuclear deal seems to be on life-support these days, as...
Google Stands to Lose Up to $4.3b in UK Privacy Suit
Google appeared in a UK court on Monday to argue against a...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus