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March 28, 2024

E-Land redeems loans from Anchor Equity Partners, Meritz Financial

PUBLISHED : January 02, 2019 - 14:08

UPDATED : January 02, 2019 - 14:08

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[THE INVESTOR] Cash-strapped E-Land Group has redeemed all its loans from Anchor Equity Partners and Meritz Financial Group, according to industry sources on Jan. 2.

Anchor Equity Partners had established a special purpose company in December 2017 and invested 200 billion won (US$224.14 million) after buying redeemable preferred shares from E-Land Group. The Korean conglomerate also secured loans amounting to 300 billion won from Meritz Financial Group.




Since the loans had high interest rates, the company replaced it with a short-term loan worth 200 billion won from Korea Investment and Securities. The rest of the money for redemption came from the group’s affiliate MRI Saipan by injecting funds in E-Land World, the group’s de facto holding firm. E-Land World recently secured funds worth 110 billion won from PEF Dominus Investment.

The retail group also added that it plans to list E-Land Retail to secure additional funds. It had postponed plans to go public last year as it sought to hike the company’s valuation after improving the financial structure.

The group has been making all-out efforts to improve its financial stability before turning into a holding firm management structure. Its debt-equity ratio in the third quarter last year dropped to 175.7 percent from over 400 percent in 2013.

By Song Seung-hyun (ssh@heraldcorp.com)

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