Golden Spoon Investment Portfolio - Chapter 415

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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415. This is practically getting it for free.

“Did you say Korean Tongun just now?”

Chairman Park Tae-hong narrowed his brow and asked again, and he responded immediately.

“Yes.”

Korean Tongun, one of the Aptae Group’s flagship subsidiaries, was a logistics specialist company competing for first and second place domestically, and also operated a car rental business.
With annual revenues of 1.15 trillion won this year alone, it was a prime company ranked 75th in the business world by sales.

“I’ve mentioned it before, but as time goes on, the importance of logistics will become increasingly prominent.”

Seok-won spoke with a serious demeanor, looking at his father and older brother.

“Just as Amazon is creating a major stir in the United States, as e-commerce using the internet grows, the shipping industry will experience rapid growth as well.”
“So that’s why when we reorganized non-core businesses last time, we didn’t sell off the small-package shipping company and just left it alone.”

Chairman Park Tae-hong responded with his arms crossed.

“However, to invest from now on and develop it to a level where it can have competitive strength will require substantial capital and time. But if we acquire Korean Tongun, which holds a top position in the industry, we can solve all those concerns at once.”

Then President Park Jin-hyung, seated across from him, wore a slightly skeptical expression.

“If we take Korean Tongun into our fold as you say, we could certainly leap to the top ranks of the industry in one go. But the problem is that it’s not a company that’s on the market for sale.”

Chairman Park Tae-hong, sharing the same thought, exhaled white cigarette smoke and added his words.

“Korean Tongun is a subsidiary that Chairman Song Dae-seop cherishes along with Aptae Construction—even with a knife to his throat, he would never agree to sell it.”

But Seok-won spoke with a mysterious smile playing at his lips.

“Since it’s such a prime company that generates substantial profits every year, under normal circumstances, there would be no reason to sell it.”
“….”
“But right now, the entire nation is caught in a state of great turbulence—an emergency situation.”

Park Tae-hong leaned forward in his seat, deepening the furrow between his brows as he posed the question.

“Are you saying Aptae Group is headed for bankruptcy?”

Seok-won met his gaze and responded with composure.

“While the capital invested in redevelopment and private construction projects is indeed tied up due to the foreign exchange crisis, considering that their assets exceed their liabilities by more than one trillion won, it would be fair to say they remain relatively stable.”

Park Tae-hong’s expression darkened at these words.

“Then there’s even less reason to sell Korean Tongun.”
“You need to hear the full story. No matter how many assets you hold, if liquidity suddenly dries up and cash stops flowing, collapse becomes inevitable, doesn’t it?”
“…!”
“Moreover, since construction is the foundation of the group, most of Aptae Group’s assets are tied up in real estate. Yet in times like these, all asset values plummet—and real estate and stocks are hit particularly hard.”

Seok-won shrugged and continued.

“On top of that, in such conditions, even disposing of assets becomes difficult, making it impossible to convert them to cash immediately—which only compounds their troubles.”

Only then did Park Tae-hong grasp what I was driving at, and he let out a low murmur.

“I see. So they could face technical insolvency despite being profitable.”
“Exactly. And what’s most painful for Aptae Group is that they don’t have a particularly good relationship with the New Era National Council, which will soon take power. Though most companies face the same issue.”

Park Tae-hong nodded gravely, a cigarette held between his fingers.

“If liquidity is completely frozen and they can’t even count on government support, then as you say, survival won’t be easy.”

Park Jin-hyung also spoke with a stern expression.

“If a massive big deal proceeds as Seok-won predicted, Aptae Group might very well become the sacrificial lamb.”

As the atmosphere in the room grew heavier, Seok-won opened his mouth with a meaningful smile.

“While it would be unfortunate and regrettable for Aptae Group, conversely, it represents an unprecedented opportunity for us.”

Park Jin-hyung’s eyes gleamed as he turned to look at Park Tae-hong.

“As Seok-won says, this appears to be the perfect chance to leap to the top of the industry in one stroke.”

Chairman Park Tae-hong couldn’t hide his interest either.
Yet his years of experience leading the Park Group had instilled in him a deep wisdom that kept him from acting rashly—he maintained his composure and adopted a measured approach.

“If a company catches our eye, wouldn’t it catch the other groups’ eyes as well?”

Seok-won’s smile deepened as he replied.

“Exactly. That’s why we need to mark our territory before the other groups set their sights on it.”
“How do you mean?”
“Once the presidential election concludes and the winner is decided, there will be a meeting with the Federation of Korean Industries leadership, won’t there?”

Chairman Park Tae-hong stubbed out his cigarette—now burned nearly to the filter—in the crystal ashtray on the table as he spoke.

“It’s customary for the president-elect to hold a meeting with the Federation of Korean Industries leadership, so that will likely happen.”
“At that meeting, we appeal to them that we plan to make the transportation business our group’s new growth engine and invest in it strategically.”
“Is that enough?”

Chairman Park Tae-hong responded with a note of disappointment.

“You’re right. I think that’s too passive as well.”

President Park Jin-hyung, who had been listening, also wore an uncertain expression, sensing something was lacking.
Seok-won shook his head lightly in response to both their reactions.

“The Aptae Group isn’t in danger yet, so if we push further, it could backfire. We might be misunderstood as having pressured the administration to bankrupt Aptae Group just to acquire Korean Tongun.”
“Hmm. That wouldn’t be good for anyone.”

Chairman Park Tae-hong nodded slowly, his arms crossed.

“Besides, administrations don’t last forever, and who knows what will happen in five years. Getting too deeply entangled could actually become a liability.”

President Park Jin-hyung cautiously agreed as well.

“There’s a saying that the nail that sticks out gets hammered down. Maintaining proper distance from power is the wisest course of action.”
“You’re right.”

Chairman Park Tae-hong smacked his lips in acknowledgment.

“Still, won’t it be difficult to secure Korean Tongun with just that?”
“No. We have a trump card that no one else can replicate. If Korean Tongun comes on the market, we’ll be able to acquire it.”

Seok-won flashed a confident smile, his teeth gleaming as he spoke with absolute certainty.
At his display of confidence, Chairman Park Tae-hong straightened in his seat, his eyes alight with anticipation.

“What trump card are you talking about?”

Park Jin-hyung, seated across from him, also regarded Seok-won with curious eyes.

“The foreign exchange market is finding stability as the exchange rate—which exceeded 2,000 won per dollar—has begun to decline. But you’re aware there are still many uncertainties, and it could spike again at any moment.”
“That’s right. The flames of the foreign exchange crisis haven’t been fully extinguished yet.”
“Because of that, the new government’s top priority will be securing as many dollars as possible, no matter what.”

Seok-won continued with unhurried composure, watching as both men nodded in agreement.

“And the entity holding the most dollars in this country is us.”
“…!”
“If we say we’ll pay the entire acquisition price in dollars, the government will hand over Korean Tongun to us immediately.”

Chairman Park Tae-hong slapped the armrest of his sofa and burst into hearty laughter.

“Ha-ha-ha! That’s it! Right now, there’s nothing you can’t do with dollars. How could I forget that!”

Park Jin-hyung’s expression shifted to one of admiration at such a brilliant strategy.

“You’re right—there’s no surer card than that.”

Then, with a slightly worried glint in his eyes, he asked:

“No matter how poor business conditions are, it’s a company with over a trillion won in annual sales. The acquisition price will be substantial. Are you certain about this?”

Seok-won smiled knowingly as he replied.

“We can arrange that amount even today. In exchange, charge generous interest on the dollars we borrow.”

At that, Chairman Park Tae-hong interjected with a pleased expression, speaking with hearty generosity.

“Of course! If we can acquire Korean Tongun, I’ll make sure the interest is more than fair. Don’t worry about it!”

The three wealthy men continued their in-depth discussion for some time afterward, exploring how to acquire and utilize Korean Tongun.

* * *

The next day.
When I arrived at the office and was reviewing approval documents, Yu Hyun-seok, the department head, came to my office and handed me a folder.
I looked up at Yu Hyun-seok standing before my desk and asked.

“What is this?”
“It’s the final investment contract agreement with Seum Technology.”

Since I had been expecting this anyway, I immediately took the folder and opened it.
As my eyes scanned the documents, Yu Hyun-seok provided an explanation to make it easier for me to review.

“As you can see, we’ve agreed to invest 3 billion won through paid-in capital increase and acquire a 30% stake in Seum Technology.”
“So you’ve valued Seum Technology at 10 billion won.”
“That’s correct.”

Yu Hyun-seok spoke carefully, gauging my reaction.

“Internally, the valuation was calculated lower, but following your directive to secure as much equity as possible, I set the valuation higher.”

A small-to-medium venture company with no significant scale—one that wouldn’t be surprising to collapse immediately—valued at 10 billion won was undoubtedly an overpayment no matter how I looked at it.
However, since I wanted to invest the necessary funds for normalizing the company through equity acquisition rather than debt instruments, I had no choice but to value the company highly.
I had faithfully followed the directive, but I expected to be scolded for giving away too much. Yet my reaction was different from what he anticipated.

“You did well.”

I nodded casually, pulled out my Montblanc fountain pen, and signed decisively before returning the approval stamp.
It was Yu Hyun-seok who became flustered instead.

“Are you really certain we should proceed with the contract like this?”
“Yes, let’s do it. And don’t interfere with the company’s operations at all. If they need anything, provide maximum support.”
“…Yes, understood.”
“If there’s nothing else, you can go.”

Yu Hyun-seok gave an awkward bow and left the office.
As he walked away, he tilted his head with an uncertain expression, wondering if this was really the right decision.
Once the door closed and I was alone, I leaned back comfortably in my chair and smiled with satisfaction.

“Three billion won for a 30% stake. This is practically stealing.”

When the IT bubble reached its peak, Seum Technology, which had been the leading stock, recorded a market capitalization of a staggering 4.8 trillion won.

“Of course, after hitting that record 150-fold surge, it collapsed as sharply as a sandcastle, but still.”

The market cap had been higher than the combined value of Lotte Group and several other major conglomerates combined, which showed just how massive the bubble had been.
Regardless, I had just secured a 30% stake in a company that would skyrocket in value in the coming years—and at a bargain price no less. It was an extraordinarily profitable transaction.

“I don’t even need to sit on it for long. Just thinking about the 47,900% return it will generate in just a few years makes me feel full without eating.”

A smile never left my face.
I made a mental note to give Yu Hyun-seok, the department head who had handled the transaction so well, a generous year-end bonus.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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