SEOUL, KOREA - Keystone Global said it has had no sales revenue in the first quarter. The KOSDAQ-listed company has been on the media as its CEO, Christopher Young Jung, is a brother-in-law of the former nominee as Minister of Science, ICT and Future Planning Jeong H. Kim. According to the Financial Supervisory Service on May 20, the coal importer said in a regulatory filing that its first-quarter sales revenue was "zero." During the same period, the company recorded an operating loss of 2.4 billion won and a net loss of 2.1 billion won.
Keystone Global has an exclusive right to sell coal in Asia from Keystone Industries, LLC of the United States. It had a sales revenue of 62.0 billion won and an operating loss of 2.2 billion won last year.
On April 30, the company signed an agreement to acquire a 50-percent stake in Keystone Properties and Keystone Investment, both of which are subsidiaries of Keystone Industries. It paid 24.8 billion won and 19.6 billion won for the transactions, respectively. At the same time, Tom Scholl, CEO of Keystone Industries, has raised his stake in Keystone Global to 36.5 percent from 13.6 percent.
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