Golfzon Holdings Declares "Cannot Agree" to MBK's Sale of Golfzon County Stake

*This content was translated by AI.View Original

Golfzon Holdings issued an official statement regarding private equity fund (PEF) operator MBK Partners' push to sell its stake in Golfzon County, stating that the move is "a complete violation of the original intent of cooperation." Currently, MBK Partners is proceeding with a process to sell its 58.37% stake in Golfzon County to a third party.

Golfzon Holdings argued that when it accepted investment from MBK Partners, the successful initial public offering (IPO) and the guarantee of its management rights were clear preconditions. The company stated that it had endured disadvantages by providing four owned golf courses at significantly low rental fees without security deposits to foster the growth of Golfzon County.

However, Golfzon Holdings conveyed that it can no longer agree because MBK Partners has ignored all demands for an IPO push and the rectification of unfair lease contracts, while unilaterally forcing sale negotiations. The company announced that it will take active measures using all available means, including correcting unfair contract terms, to protect its legitimate rights and management authority as well as pursue legal action.

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*This content was translated by AI.View Original