Kumho Asiana sells stakes in unit to boost liquidity

By Nam Kwang-sik
SEOUL, July 30 (Yonhap)-- Kumho Asiana Group, one of South Korea's major
conglomerates, said Thursday it has sold a 100 percent stake in its software
developer Asiana IDT Inc. to U.S. Tremisis Energy Acquisition Corporation (TGY)
for US$138.8 million to secure cash.

Kumho Asiana Group purchased a 50 percent stake plus one share of TGY with sale
proceeds of $75.7 million to participate in the company's management, the group
said in a regulatory filing.
TGY is a company formed for the purpose of acquiring one or more operating
businesses or assets through a merger, stock exchange, asset acquisition,
reorganization or similar business combination.
TGY is listed on the American Stock Exchange (AMEX), the third-largest stock
exchange by trading volume in the United States.
ksnam@yna.co.kr
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