November 23, 2024

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[THE INVESTOR] Lock&Lock, a Seoul-based plastic container maker, said on Aug. 25 it signed a contract with private equity firm Affinity Equity Partners to sell the company for 629.3 billion won (US$558 million).

Lock&Lock‘s CEO and largest shareholder Kim Jun-il and “specially related person” Kim Chang-ho signed the agreement to sell 29 million and 5.9 million shares each at 18,000 won per stock, the company said in a regulatory filing. The combined amount comes to 63.56 percent of the total shares.

Lock&Lock said the CEO will continue to take part in the management of the company through re-investment.

“In order to better adapt to the rapidly changing global environment the CEO thought a new management system, free of influence from the founder, was necessary,” it said.

By Alex Lee and newswires (alexlee@heraldcorp.com)