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The attempt by Macquarie Korea Opportunities Management to sell its stake in Koentec may hit a snag due to moves to prevent it from enlarging the landfill and to a looming lawsuit.
Some Ulsan council members have started a move to prevent Koentec from enlarging its landfill sites.
They claimed that the city government gave preferential treatment to Koentec when it did not allow new waste disposal service providers to enter the market.
According to the council members, Macquarie will make unfair profits from the preferential treatment.
The enlargement was approved by the Ulsan Metropolitan Government (UMG) to help local businesses that have suffered from a shortage of landfills.
Councilmember Seo Hwi-wung said he might request UMG to withdraw its approval if he discovers any illegalities during a specialized audit of Koentec, which would take place within the next couple of weeks.
Macquarie denied receiving any preferential treatment, saying the council approved the enlargement in 2015 and that they paid for a valuation that arose after the approval.
Macquarie Korea put Ulsan-based waste disposal service provider Koantec on the market that attracted numerous private equity firms and builders.
After a preliminary bid in April, MBK Partners, STIC Investments, TSK Corporation, and a consortium led by IS Dongseo were shortlisted as a potential buyer.
The main bid will be conducted within the month.
Macquarie spent approximately 150 billion won to acquire a 59.29 percent in Koentec stake, which is now valued at around 600 billion won.
It argued that the stock sale would not result in an outflow of "sovereign wealth" since most of the profits will be allocated to domestic institutional investors.
Koentec is also in a legal conflict with the city government, which did not approve its construction of a 163-ton capacity incinerator due to concerns about air pollution concerns.
Market observers say that the city council's decision and the lawsuit's result could affect Macquarie's plan to sell its stake.
