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Tongyang Raises 50.3 billion won from Taiyo Life Insurance Company

Japan-based Taiyo Life Insurance Company will acquire 4.7 percent (20.25 billion won) of the new shares issued by Korea’s cement manufacturer Tongyang Cement.

Taiyo Life Insurance Corporation is an affiliate of T&D Insurance Group that specializes in insurance and investment with the total assets worth 6 trillion yen.

In March 2009, Taiyo injected 50.3 billion won into Tongyang Life Insurance for a 3.99 percent stake. It holds a 4.99 percent in Tongyang Life.

“Being involved in the recent rights offering, Taiyo will intervene in improving the management structure of Tongyang Group and revamping its business plans,” said an employee of Tongyang Group. “This move is considered a strategic investment instead of the management take over.”

Source Text

Source: Yonhap News (Feb. 20, 2013)

This is the translation of a Korean article.

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