[비즈한국] It has been confirmed that The Ocean Asset Management, which has signed a contract to acquire SK Oceanplant, is under the influence of the family of former STX Chairman Kang Duk-soo. It was revealed that the largest shareholder of SUM Global, the parent company of The Ocean Asset Management, is Bae Dan, the wife of former Chairman Kang. Consequently, the business community is speculating about the possibility of former Chairman Kang's return to management. Former Chairman Kang has not appeared in public since 2021, when he was legally processed in relation to the dissolution of the STX Group.
On August 31, SK Oceanplant announced that SK Ecoplant would sell its 35.62% stake in SK Oceanplant to The Ocean Asset Management. The sale price is 410 billion won, and the acquisition is scheduled to be completed within December of this year. Once the sale is finalized, The Ocean Asset Management will be able to exercise management rights as the largest shareholder of SK Oceanplant. SK Oceanplant is a company that manufactures large steel structures supporting offshore wind turbines and offshore substations, and also engages in special vessel construction and ship repair and modification.
The Ocean Asset Management is 100% owned by SUM Global. Therefore, once the sale of SK Oceanplant is completed, a governance structure will be formed from SUM Global to The Ocean Asset Management to SK Oceanplant. Established in 2016, SUM Global lists business advisory and consulting, financial consulting and investment, and overseas investment and capital attraction as its business objectives.
According to Bizhankook's investigation, the largest shareholder of SUM Global is Bae Dan, who holds a 21.47% stake. Ms. Bae is the wife of former STX Group Chairman Kang Duk-soo and is also listed as an executive director of SUM Global. This is the first time that specific stake percentages have been disclosed, revealing that Bae Dan is the largest shareholder.
Rumors that SUM Global and The Ocean Asset Management are associated with the STX Group have been circulating for some time. This is because SUM Global CEO Kang Seon-ok is a former secretary to the former chairman. Kang Seon-ok holds approximately 13% of SUM Global's shares. In addition, former Chairman Kang's second daughter, Kang Kyung-rim, serves as an auditor for SUM Global. Lee Ho-nam, CEO of The Ocean Asset Management, is also a former head of the STX Financial Planning Office. In effect, the entity acquiring SK Oceanplant is the family of former Chairman Kang Duk-soo.
The STX Group previously grew by focusing on shipbuilding, shipping, engines, and plant businesses. While it expanded rapidly in the mid-to-late 2000s led by STX Offshore & Shipbuilding and STX Pan Ocean, it effectively went through a dissolution process in 2013 due to the overlap of the shipbuilding and shipping downturn after the global financial crisis and the burden of debt.
Along with the dissolution of the STX Group, former Chairman Kang was sentenced to 6 years in prison for embezzlement and breach of trust. However, in his second trial in 2015, the sentence was reduced to 3 years in prison and 4 years of probation, and the suspended sentence was finalized by the Supreme Court in 2021. Subsequently, he was granted a special pardon on Liberation Day in 2022. While there are no legal obstacles to his management activities, the former chairman has not appeared publicly. His name does not appear on the executive lists of SUM Global or The Ocean Asset Management.
As the family of former Chairman Kang Duk-soo has acquired SK Oceanplant, some in the business community are predicting his return to management. However, even if he returns, it will not be easy for SK Oceanplant to grow to the level of the STX Group in its prime. Above all, there is a significant difference in revenue. According to the semi-annual report, SK Oceanplant recorded 345.1 billion won in revenue and 36.2 billion won in operating profit for the first half of this year. In contrast, the STX Group's revenue in 2010 reached 26.4559 trillion won.
The Ocean Asset Management does not have sufficient capital strength to engage in additional investments. As of the end of June this year, the total assets of The Ocean Asset Management were only 1.87103 billion won. Attracting external capital is also realistically difficult to guarantee.
For SUM Global and The Ocean Asset Management, SK Oceanplant's own growth is important. However, it is difficult to say that SK Oceanplant's recent performance is good. Revenue decreased by 30.66% from 497.8 billion won in the first half of last year to 345.1 billion won in the first half of this year. During the same period, operating profit increased by 36.14% from 26.6 billion won to 36.2 billion won, showing improved profitability.
Ahn Joo-won, a researcher at DS Investment & Securities, analyzed SK Oceanplant, stating, "As the Anma offshore wind project in Korea is being delayed, both revenue and operating profit are expected to shrink until next year because the performance recognition timing for new orders remains in the future." Lee Jin-ho, a researcher at Mirae Asset Securities, also noted, "There is a high possibility that growth will be limited due to a lack of orders until 2027."
There is also a positive outlook from a long-term perspective. Yoo Jae-sun, a researcher at Hana Securities, evaluated, "Negotiations for multiple offshore substations (OSS) are underway in Europe and Taiwan, so a favorable order flow is expected in the second half of the year," adding, "It appears that a foundation for medium- to long-term order expansion in major markets is being laid." The attention of the business community is focused on whether SK Oceanplant can succeed in a performance turnaround and become a stepping stone for the comeback of former Chairman Kang's family.