Chapter 111
Chapter 111
111.
It Wasn't Fishing, It Was a Fish Trap (1)
Two days passed.
Myung Sung-chul, along with his secretary Woo Nam-yong, arrived at the Manyeon restaurant in Cheongdam-dong with anxious hearts, waiting for the person from DAX.
Then, with a knock, the door opened and two men entered. One of the men looked at Myung Sung-chul and offered his business card with a greeting.
"Nice to meet you. I am Weisuan, the CEO of DAX. The person next to me is an interpreter, so you don't need to mind them."
Weisuan, who used to dress roughly while living in the underworld, was now gone, replaced by a gentleman in a neat suit and hairstyle.
"Ah, you're the CEO. I am Myung Sung-chul. The same goes for the person next to me."
The two men then began to talk, each accompanied by their interpreters.
"You must have been surprised that I suddenly asked to meet. I'm here on business and thought it might be a good proposal."
"To be honest, I can't say I wasn't. So, what is the proposal?"
Myung Sung-chul relaxed slightly at Weisuan's jest. Soon, Weisuan put on a slightly serious expression and said,
"The reason I wanted to meet you today is because of the shares of Baesung Distribution that CEO Myung Sung-chul holds."
It was the option he had guessed was the least likely when he first received the call.
At that story, the corner of Myung Sung-chul's mouth twitched slightly before stopping.
"...DAX has already secured enough shares, hasn't it? You wouldn't need the shares I hold."
DAX had already secured the management rights of Baeseong Corporation. In that situation, no one could interfere with whether DAX roasted or boiled Baeseong Corporation and its affiliates.
"We plan to recover all the shares for customer management purposes. That's why I came to Korea."
"...All of them?"
DAX invested a huge sum of 500 billion won to acquire Baeseong Corporation. To secure all the shares there, they would have to use a similar amount of funds.
But it was bound to be strange for a new private equity firm to handle that much money from the start.
"That's right. How about you hand over the 462,000 shares of Baesung Distribution that you hold for 8 billion won?"
The amount Myung Sung-chul used to buy them was 15 billion won. Myung Sung-chul's brow furrowed at the offer, which was nearly half the price.
"Even so, aren't you trying to get it too cheap?"
"If we delist, you might not even get that price. Would you be okay with that?"
"I didn't think you would... Were you really thinking of delisting?"
It was one of the things Myung Sung-chul had expected. Not long ago, a parent company had acquired a large company for $50 billion and delisted it.
But what was different from then was that the value of Baeseong Corporation was currently at rock bottom.
"It's not official yet, but... yes."
"Then DAX would only be losing money, wouldn't it?"
Delisting was only useful if the company's value was sufficient. If DAX continued to move to acquire the company and secure additional shares in the current trend, it would be no different from throwing money on the street.
"We wouldn't be doing business to lose money, would we?"
It had been determined that the revival of Baeseong Corporation was almost impossible. That's why experts thought that DAX would have no choice but to split up and sell Baeseong Corporation.
Myung Sung-chul's curiosity grew more and more.
"Don't tell me... are you thinking of reviving Baeseong Corporation and managing it yourself?"
Weisuan poured himself a glass of wine in response to that question and answered with a smile.
"That's something I can't tell you."
An answer that didn't deny it. It was also a positive sign that they had a different method than dismantling and selling.
Myung Sung-chul, who was becoming more and more impatient, found it difficult to wait.
"What kind of trick does DAX have up its sleeve?"
"As I said before, I can't answer that."
Myung Sung-chul became anxious at Weisuan's tightly closed mouth.
"In any case, Baeseong Corporation has no other way but to sell it domestically. Wouldn't we be able to help in that regard?"
"...From MH Group?"
Weisuan's eyes sparkled, and the corners of Myung Sung-chul's mouth turned up slightly.
"With Baeseong Corporation collapsing in the domestic distribution market, MH Group's position will become stronger. You know the current situation well, don't you?"
"I heard that Livio Soft introduced a new system. I heard that MH Future Security led it."
With the explanation, Myung Sung-chul gritted his teeth for a moment.
"...As a result, that's true, but it's ultimately a system for MH Foods and MH Retail. MH Future Security, which hasn't even managed to run the business properly, can't do it all, can it?"
Weisuan looked at him with a curious expression.
"Did CEO Myung Sung-chul lead that project?"
"Well, not lead... I just put in a little effort for my lacking nephew. Isn't that natural for family?"
Myung Sung-chul also knew that Shinwoo was involved in the process of DAX taking over the acquisition shares of Baeseong Corporation. He didn't know how close the two were right now, so he spoke as vaguely as possible.
"I've heard that the owner family of MH Group has great management skills. You're indeed CEO Myung Sung-chul."
"Hahaha. It's not a difficult task. By the way... what is your relationship with Baek Shin-woo, the CEO of MH Future Security?"
Accurate confirmation was needed. In response, Weisuan looked at Myung Sung-chul with a calmer gaze than before.
"It's a somewhat special business relationship."
Myung Sung-chul's eyes shook slightly at the subtle explanation.
"...How special of a relationship is it?"
"I happened to meet CEO Baek Shin-woo when he came to China. With that connection, TSF was connected to acquire Baeseong Corporation. Wouldn't that be a special relationship?"
"Ah... I see."
Weisuan brought back the topic that had drifted elsewhere for a moment.
"So, what do you think? About handing over the shares of Baesung Distribution for 8 billion won. You can sell them during the liquidation sale, but... honestly, it's unlikely that you'll get more than the amount I'm offering now, right?"
Shares of a company that has announced delisting could only be sold during a specific period through a liquidation sale.
But since it was on the verge of bankruptcy, it was difficult to expect a rise in stock prices, so it was impossible to see a high profit as Weisuan said.
"Did you buy other shares with a similar offer?"
"To be honest, it's far below the amount I just mentioned. We can't dig in the ground to do business. Of course, MH Group is related to CEO Baek Shin-woo, so we're paying a little more attention to you."
Everyone couldn't keep holding onto stocks that might become scraps of paper at any moment. So, the shareholders grabbed the offer that Weisuan directly made.
"Isn't it difficult to go any higher than that?"
"If you're not satisfied, you can sell them during the liquidation sale."
Myung Sung-chul, who was frowning, found it difficult to think any further.
"I'll hand over the shares at that price. But... what are you going to do with the Baesung Distribution logistics center? I heard that many Korean companies are interested in it."
In order to increase the size of MH Foods and MH Retail several times, the Baeseong Corporation's logistics center was essential. Since Weisuan didn't bring it up, he took the initiative.
"That hasn't been decided yet."
"Are you not thinking of holding a public auction?"
From DAX's point of view, it was natural to sell it as expensively as possible.
Of course, as the value of the company had fallen, it would be difficult to earn more than the funds spent on the acquisition with just the logistics center, but situationally, there were not many options.
"That's one of the things we're considering."
"If that happens, how much are you thinking of for the amount?"
A shadow fell on Weisuan's face, who had been smiling all the time.
"Are you suggesting insider trading with me?"
"If we only pursue the profits we want, wouldn't it be possible?"
"I'm sorry, but that's going to be difficult. Rather than that, I'm hungry, so shall we eat first?"
He had drawn the line. In response, Myung Sung-chul couldn't say anything more and focused only on the meal that came out with the order.
* * *
Kwak Chi-young, the head of the TSF Korea branch, was waiting for someone in his office.
Not long after, Shinwoo, escorted by Mark Freeman and Lawrence Bird, and Meian entered together, guided by Oh Han-sung.
"Welcome, CEO Baek Shin-woo. I see you've hired new bodyguards next to you."
"That's right. But what brings you here to see me in person?"
Kwak Chi-young's gaze turned to those who were lined up behind Shinwoo.
"I'd like to talk quietly alone if possible."
"Sure."
At the signal, the three men put on their sunglasses and created a heavy atmosphere before leaving.
Seeing the door close, Kwak Chi-young smiled and said,
"The thing is, CEO Myung Sung-chul met with Weisuan, the CEO of DAX who came from China."
Shinwoo looked at him with a nonchalant expression.
"...Is that so?"
"Did you know?"
"No. After finishing the acquisition of Baeseong Corporation, I didn't have any particular reason to contact DAX, so I didn't know."
"I heard you were close... I guess it wasn't to that extent."
"It's a clean business relationship. But, is that why you wanted to meet me?"
In response, Kwak Chi-young smiled.
"Of course not. The thing is, I heard that MH Future Security is collaborating with MH Tech."
At that moment, Shinwoo's face hardened slightly.
MH Tech was a defense company and had more confidentiality than other affiliates. That's why there was no mention of MH Future Security in the recent R2ED article from MH Tech.
It was intentionally not revealed because Jang Man-soo was at the center of the technology. But the fact that Kwak Chi-young knew that meant that information was leaking from somewhere.
"...TSF's intelligence is indeed amazing."
"Unless you're deliberately blocking your ears in this industry, there are many things you hear here and there."
"So, what do you want from me?"
The smile on Kwak Chi-young's lips deepened.
"What else would a businessman want? In the end, it's money."
"You want to scrutinize the R2ED system developed by MH Tech."
"Based on 148 countries, an average of about 1.8% of the annual national budget is used for defense spending. Converting that, South Korea's defense budget alone is about 55 trillion won."
"...I know roughly about that."
"About 17 trillion won is used for defense capability improvement. If it's a defense technology with definite efficiency and practicality, it might be several times better than mining a diamond mine."
He explained, well-packaging the golden goose business.
In response, Shinwoo watched without changing his expression. Then, Kwak Chi-young continued to explain as if he had been possessed by a god.
"In any case, technological monopoly is only temporary. Rather, it's more efficient to use it to create better profits from a corporate or national perspective."
"You seem to have solid connections in that field."
Kwak Chi-young's expression became even lighter at Shinwoo's question, which seemed to show interest.
"Our TSF has branches all over the world. As such, we are maintaining economic relationships with various countries."
"That's amazing. But what can I do to get involved in MH Tech's affairs?"
First of all, it was important to know how much Kwak Chi-young knew. So, when he spoke in a slightly probing manner, he gave a meaningful smile.