CJ CheilJedang starts IR sessions in Hong Kong, Singapore

By Kim Young-gyo
HONG KONG, May 12 (Yonhap) -- CJ CheilJedang Corp., South Korea's largest food
and drug maker, began one-to-one meetings with overseas investors in Hong Kong
and Singapore on Wednesday, company officials said.
The company will discuss its growth strategies, especially in the biotechnology
field, during the meetings which are scheduled to run till Tuesday.
CJ CheilJedang has been seeking to acquire a foreign company with strength in
biotechnology or food processing by using money from the sale of its stake in
Samsung Life Insurance Co. The insurer started trading on South Korea's main
bourse on Wednesday.
The food company is estimated to have earned 500 billion won (US$436.5 million)
from the stock sale.
"This year will be a starting year for CJ CheilJedang to grow into a global food,
biotech corporation," Kim Jin-soo, CEO of the company, said earlier.
CJ CheilJedang saw its net profit rise almost 60-fold in the first quarter, from
a year earlier, to 75 billion won with sales gaining 0.8 percent on-year to 973.2
billion won.
ygkim@yna.co.kr
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