Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Rio Tinto Signs Interim Agreement With Yinhawangka Aboriginal Group Over Pilbara Mining Operations 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Daiso, a low-priced retail chain, is popular in South Korea as it is a place where the locals can buy good quality household goods and other merchandise for just KRW 1,000 or about $0.76. The store originated in Japan, where it has become a large franchise that sells goods priced at just 100 yen.
Now, the Korean unit of Daiso recently cut its ties and is no longer associated with Japan. This makes the outlets in South Korea fully owned by Koreans.
Acquisition of Shares by a Shareholder
According to The Korea Times, the largest stakeholder of Asung Daiso, Asung HMP, purchased a 34.21% stake in Daiso Sankyo, which is Asung's Japanese equity investment partner. Market watchers said that the Korean firm paid around KRW500 billion for the buyout deal.
It was reported that Asung made the move of buying more than a quarter of the stake to get rid of and clarify the enduring misconception that Asung Daiso is a Japanese company. With the purchase of additional shares, Asung HMP’s total stake is now 84.23%, as the group’s chairman Park Jeong Boo already holds the largest share of 50.02% prior to the deal.
Korea Herald reported that Park’s two daughters hold the rest of the shares. Asung Daiso shared that this acquisition deal is a “crucial step” in transforming the retail store chain into a wholly Korean company.
Transitioning to a Fully Korean Daiso Entity
Asung Daiso said that it will restart the business with “a strong identity as a Korean company.” The firm was first established in May 1997 when Park Jeong Boo opened a store that specializes in household goods in Cheonho-dong, which sits in the eastern part of Seoul.
In 2001, Park agreed to a joint venture with Daiso Sankyo, and his store transitioned to become Daiso. The Japanese partner also made an equity investment of KRW3.8 billion at that time.
Since then, the business continued to prosper despite facing uncertainties at certain periods throughout its operations due to repeated calls to boycott Japanese products. In any case, as Daiso in Korea is now wholly owned by local operators, Asung said in a statement, “Asung has no relationship with Japan other than it has a Japanese equity investment partner. We do not pay the Japanese partner royalties or exchange human resources. Our Japanese partner does not have any involvement in the management of our company.”
Photo by: LERK/Wikimedia Commons (CC BY-SA 4.0)
