Yonhap News AgencyFebruary 25, 2014 04:17
SEOUL, Feb. 25 (Yonhap) -- A Taiwanese financial company submitted a bid for Tongyang Securities Inc., a brokerage arm of the embattled Tong Yang Group put up for sale following the group's liquidity crunch, industry sources said Tuesday.
According to the sources, Tong Yang closed bidding for its brokerage unit earlier in the day. Taiwan-based Yuanta Securities was the sole bidder.
Whether Yuanta will be picked as the preferred bidder would be decided later in the day or by Wednesday, they said.
The stake up for sale is some 27 percent held by the group's affiliates.