Odin offloads Korea Aerospace stake

The Korea PE unit of Mirae Asset Global Investments will sell its stake in a $143m KRX listing.

Odin Holdings, the South Korean private equity unit of Mirae Asset Global Investments, is planning to sell 4.9 million shares in Korea Aerospace Industries on the Korean stock exchange, local media has reported, citing a term sheet.

Odin could not be reached for comment before press time.

The deal is expected to raise as much as KRW 153 billion (€105 million; $143 million), with shares pricing between KRW 30,360 and KRW 30,990 – a 3 to 5 percent discount to the closing price of KRW 31,950 on Monday.

Korea Aerospace is a South Korean airplane components maker that counts Korea Finance Corporation, Hyundai Motor, Samsung Techwin and the Doosan Group among its key shareholders.

At the end of September, state-run Korea Finance was Korea Aerospace’s largest shareholder with a 26.8 percent stake.

A group of its shareholders had twice unsuccessfully tried to sell a combined 41.8 percent stake in the business in 2012, the Wall Street Journal reported. The group then agreed to extend an agreement to sell their stakes by two years, but Odin dropped out of the consortium.