“We’ve finished our inspection process and taking care of incomplete situations. There won’t be too much difficulties in concluding formal agreement on the 17th as discussion between Pantech, court, and creditors are finished on the 13th.”
CEO Lee Ju Hyung of Optis that is pushing to buy out Pantech said that the whole process is going smoothly. It is currently purchasing factory facility in Kimpo and discussing about the use of Pantech Company building in Sangam-dong with the owner. Factories and AS centers were originally not in its plan.
It is examining whether to purchase facilities concerning the fact that it needs to produce products in Korea for awhile until it prepares production line in foreign countries.
Optis offered 35.4 million dollars (40 billion KRW) to buy Pantech, but it can increase up to 44.2 million dollars (50 billion KRW) if facilities are added. Not only manpower for R&D, manpower for production can be included in the whole process.
“After signing on the formal agreement, it will take about 7 to 8 months to design models and produce after inspecting major sales market in Indonesia. We will establish another production line in different country other than Indonesia during this time.” CEO Lee said about its current plan about establishing production lines in foreign countries. It is planning to do this only for little bit because competitiveness in Korean production is not that great.
CEO Lee said that Optis solidified relationship with Indonesia by meeting with its government official. Because there are still many Indonesians using 2G phones, change to 4G will be a very rapid process. He thinks that there is an enough chance of winning because Indonesian manufacturers lack capabilities in designing on their own.
His goal is making ‘National Indonesia Phone’ by having Pantech on the front.
CEO Lee said that Optis will try to revive Pantech by focusing on Indonesia and expand markets through rising nations such as Philippines and Myanmar. He also said that his ultimate goal is to eventually return to Korea by having foreign businesses as its stepping stone.
If formal agreement gets concluded on the 17th, Optis needs to prepare a revival plan proposal along with Pantech and submit it. If assembly for creditors and related people occurs and its proposal gets approved, sale of Pantech can be finished late August at the earliest.
Staff Reporter An, Hochun | hcan@etnews.com