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| Jungheung Group Chairman Jung Chang-sun |
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| Herald Group Chairman Hong Jung-wook |
The Jungheung Group, a Gwangju-based construction company in South Jeolla Province, said Wednesday it has signed contracts to secure a 47.8 percent stake in the Herald Group to take control.
The process will be completed by the end of June.
"For the Herald to make a new leap forward, I thought it would need bold investments for its content and mobile (development) … After searching for investors, I chose Jungheung," Hong Jung-wook, who has led the Herald Group since 2002, said in a message to staff.
He said Jungheung showed its willingness to ensure the papers' editorial independence.
Jungheung, which has assets of 9.5 trillion won ($8 billion), is known for its apartment brand "Jungheung S-Class."
