Doosan Solus to change its name to Solus Advanced Materials

By Nam Kwang-sik

SEOUL, Nov. 5 (Yonhap) -- South Korean battery foil maker Doosan Solus Co. said Thursday that it has decided to change its name to Solus Advanced Materials Co. at its shareholders meeting to be held on Nov. 20.

The decision came after cash-strapped Doosan Group's holding company Doosan Corp. and its key shareholders sold a 52.93 percent stake in Doosan Solus to private equity fund SkyLake Investment Co. for 698 billion won (US$619 million) in September.

Doosan and key shareholders of Doosan Solus, including the group's Chairman Park Jeong-won, sold their stake in the battery foil maker to tide over the cash shortage caused by the group's power plant builder Doosan Heavy Industries & Construction Co.

After the stake sale, Doosan's stake in Doosan Solus was lowered to 2.84 percent.

Doosan Solus will also include the production and online sales of cosmetics into its business, which ranges from battery foil to raw materials for cosmetics, it said in a regulatory filing.

ksnam@yna.co.kr
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