The group paid USD 100 million for a 25 per cent stake in Glovis a year ago. This investment has now been valued at just over USD 150 million.
That assessment emerges from the listing of the logistics specialist on the Korean Stock Exchange, combined with an initial public offering (IPO).
The rise in the value of group’s holding in Glovis corresponds to about NOK 7 per WW share on the Oslo Stock Exchange.
Glovis is selling 20 per cent of its shares in the IPO, which will raise KRW 160 billion – corresponding to USD 155 million.
This exercise involves the issue of 7.5 million new shares at a price of KRW 21 300 each, with the subscription period running from 14 -17 December.
Leaving it with 20 per cent of the Glovis share capital, WW takes a positive view of the listing because it will improve the liquidity of the share and support future financial growth.
The listing will allow Glovis to raise money for investing in new equipment and plant in response to the rapid expansion of Hyundai Motor Group (HMG), its biggest client.
HMG chairman Chung Mong-koo and his son will retain control of the logistics company, which delivers services both in Korea and internationally.
WW acquired its holding in Glovis Co Ltd as part of its strategy to become a major international supplier of transport and logistics services to the car industry.
The group is also a partner with HMG in the Korean shipping company EUKOR, which handles overseas shipments of cars from Korea for Hyundai and Kia.