Chapter 29 – Uncertain Feelings Always Become Reality
—
The acquisition of Mirae General Construction, a front company for the National Intelligence Service (NIS), was completed.
It came with 15 employees.
For a construction company, having only 15 employees might seem small.
However, small construction companies holding general construction licenses tend to have fewer employees than expected.
This is because detailed tasks like civil engineering and electrical work are outsourced to subcontractors.
A single employee could manage multiple subcontractors and ensure the project was on track.
Mirae General Construction’s name was officially changed to Dream General Construction.
***
“Congratulations, CEO.”
Consultant Kim Seong-woong and Representative Im Kang-min greeted me with bright smiles.
“It’s all thanks to you two.”
“I merely introduced a good company.”
“All I did was watch from the sidelines.”
“Introducing a good company and offering steadfast support are not easy tasks.”
If I had done it alone, it wouldn’t have been completed this quickly.
I needed help because I couldn’t be everywhere at once.
“And there’s no need to search for a house.”
Mirae General Construction owned a four-story building.
The first floor was rented out to businesses, generating monthly rent.
The second and third floors were used as Mirae General Construction’s office space.
The fourth floor was a residential unit, leased on a long-term basis.
Interestingly, the tenant who had been living there on a long-term lease was an NIS agent.
With the agent vacating the property, the residential space became empty.
Rather than finding a new tenant, I thought it would be better for me to move in myself.
***
“By the way, Consultant Kim.”
“Yes, CEO?”
“Is there still no movement from Samdo Group?”
“Correct. Nothing yet.”
Samdo Life Insurance had yet to sell its shares in Samdo General Construction.
As a result, Samdo General Construction’s stock price had risen to 450 won.
At this rate, it seemed likely to surpass 500 won soon.
Could my vision have been wrong?
If Samdo General Construction’s stock price continued to rise, the number of shares I could secure with 8 billion won would be limited.
Even at 500 won per share, I could only purchase 16 million shares. If the price increased further, the number would shrink even more.
Even acquiring 16 million shares wouldn’t be enough.
Samdo General Construction had issued a total of 185.6 million shares.
With 16 million shares, I would only secure 8.62% of the company.
This would not be enough to influence Samdo General Construction.
“CEO, it seems Samdo Group has no intention of giving up on the construction business.”
Consultant Kim naturally came to this conclusion.
“That’s the current sentiment. It’s why people are holding onto their shares or buying more, thinking the price has hit bottom.”
Because I was planning to acquire Samdo General Construction, Consultant Kim was understandably concerned.
He had analyzed information from various angles to understand why Samdo General Construction’s stock price was rising.
“Until recently, there were more people looking to sell, but now, no one is selling. There are more buyers than sellers.”
“Consultant Kim, do you think it’s a lost cause?”
“To be honest, yes. Not long ago, the sentiment was dominated by concerns over delisting due to various unfavourable conditions. But that’s no longer the case.”
I was certain that Samdo Life Insurance would eventually sell its shares.
“Perhaps buying shares of Samdo General Construction now, in preparation for the next opportunity, could be a good idea.”
Consultant Kim seemed to have put a lot of thought into this suggestion.
He had based it on his understanding of the current situation.
It was a reasonable perspective.
How should I respond?
“Let’s wait and observe a little longer.”
Consultant Kim nodded.
However, he thought I was being stubborn.
This approach was different from my usual way of doing things.
Previously, I had brokered deals like the contract with Gazprom, earning substantial commissions.
Acquiring Samdo General Construction, however, required an enormous amount of capital.
Eighty billion won would not be nearly enough.
“I understand, CEO.”
***
Executive Director Lee Min-ho was closely monitoring the stock price movements of Samdo General Construction.
The initial goal had been to bring the stock price down to 200 won.
However, recklessly dumping the shares held by Samdo Life Insurance to lower the price wasn’t an option.
“The fine has been appealed to the administrative court.”
“We’ve promised to redo construction on sites where defects were clearly identified. Decisions on compensation claims will be made after the results come in.”
“We’ve also provided additional funding to the redevelopment apartment unions.”
This was essentially lobbying money for the heads and executives of the unions.
“Bidding for government construction contracts still seems difficult.”
This was unavoidable. The government was watching closely.
Any violation would result in the immediate dismissal of the responsible public official.
“We told the banks that Samdo Group fully supports Samdo General Construction, and we successfully extended our loans.”
“Good work.”
This ensured that no further negative developments would arise for Samdo General Construction.
As a result, public perception began to shift.
People now believed that Samdo Group would not abandon Samdo General Construction.
“Keep this up.”
“Understood.”
While the executives responded affirmatively, they were puzzled by Samdo Group’s lack of substantial support for Samdo General Construction.
They found it odd that the group was merely covering up the surface issues.
It was clear that new problems would soon emerge.
“Everyone, leave now.”
Unable to resolve their doubts, the executives left the conference room.
Executive Director Lee Min-ho then muttered quietly.
“One thousand won.”
The stock price that Lee Min-ho envisioned for Samdo General Construction was 1,000 won.
At that point, Samdo Life Insurance would sell its 12% stake in Samdo General Construction.
By selling at 1,000 won per share, they would secure the necessary capital.
Samdo General Trading would then dump its 17% stake simultaneously.
This would cause Samdo General Construction’s stock price to plummet.
When it reached 200 won, Samdo General Trading would repurchase the same 17% stake.
Meanwhile, Samdo Life Insurance would use the funds it had secured to buy more shares at 200 won per share.
Their goal was to increase their holdings to 23%.
With these moves, Samdo Group would own 49% of Samdo General Construction.
Deliberately stopping at 49% was crucial.
Owning more than 50% would classify them as a dominant shareholder, leading to higher taxes.
Additionally, banks favourable to Samdo Group held 4% of the shares.
Together, this would make up 53%.
With more than 50% control, selling off Samdo General Construction would no longer be an issue.
“And ten thousand won.”
If Samdo Life Insurance resumed purchasing shares of Samdo General Construction, the stock price would rise.
If used correctly, reaching ten thousand won would be no problem.
There were many ways to achieve it.
At ten thousand won per share, Samdo General Construction could be sold for at least 1.2 trillion won.
The 800 billion won worth of shares already held would generate massive returns.
Considering Samdo General Construction’s revenue and assets, 1.2 trillion won would still be a bargain.
Of course, this was only if Executive Director Lee Min-ho’s plan worked out.
***
“CEO! Samdo Life Insurance has started selling their construction shares!”
Consultant Kim Seong-woong reported to Lee Seon-su.
Samdo General Construction’s stock price was currently at 1,050 won.
With 8 billion won, the amount of stock that could be purchased was negligible.
The situation appeared unfavourable.
“Should we start purchasing shares?”
“No.”
“Then are you deciding not to buy shares?”
His expression showed a hint of resignation.
But I won’t give up.
“I think we should observe the situation a bit longer.”
“Even if you observe…”
He seemed to believe that nothing would change.
Samdo Life Insurance’s shares were being bought up by individual investors as soon as they were sold.
Unless the shares were dumped in large quantities, the stock price wouldn’t drop.
Seeing my unwavering expression, he refrained from saying more.
“Understood. I will continue to monitor.”
Even if this endeavour failed, Consultant Kim felt confident in Lee Seon-su’s ability to recover.
He believed this experience would make him even stronger.
***
Samdo Life Insurance had begun selling their shares in Samdo General Construction.
However, the stock price showed no intention of declining.
After briefly falling to the 900-won range, it rebounded to over 1,000 won.
Suddenly, the stock price began to plummet.
Knock knock!
The door burst open immediately after the knock.
The person entering was Consultant Kim Seong-woong.
“CEO! Samdo General Trading has just released a large amount of construction shares.”
“A large amount? How much?”
“A staggering 17%.”
It had arrived.
“Consultant Kim, purchase all of Samdo General Construction’s shares at 250 won.”
“250 won? Will it drop that far? This seems like part of Samdo Group’s plan.”
“It will drop.”
“Understood.”
Consultant Kim tilted his head slightly, still not fully convinced.
To be fair, without the dream I had, I wouldn’t have believed it either.
***
“What the hell! Why isn’t it dropping further?”
Executive Director Lee Min-ho initially felt triumphant as Samdo General Construction’s stock price steadily declined according to his plan.
However, he found it strange when it stopped at 250 won.
“Investors seem to think it’s the bottom and are buying.”
It was the Financial Director of Samdo General Trading speaking.
The stock manipulation operation had been assigned to General Trading instead of General Construction to avoid leaks.
“Is it possible some unknown force has gotten involved?”
“Who would dare mess with a subsidiary of Samdo Group?”
In 1994, foreign direct investment in South Korea was heavily restricted.
Private companies were limited to 10% ownership, while public corporations were capped at 8%.
Although the limits were expanded to 20% in 1996, they were still insufficient to allow foreigners to influence or control companies.
Foreign interference was unlikely.
“Check with the securities company.”
It was illegal to investigate who was buying shares.
However, purchases above a certain threshold had to be reported, making it possible to find out indirectly.
“Understood, Executive Director.”
Still, Lee Min-ho felt uneasy.
***
“We’ve secured 32 million shares at an average price of 250 won, CEO.”
This was the maximum that 8 billion won could buy.
“Is that 17.24%?”
“Yes, that’s correct. Impressive, CEO.”
While Consultant Kim appeared impressed, I didn’t feel the same.
I needed to secure even more.
That was how it had unfolded in my dream.
“Now that you’re a major shareholder in Samdo General Construction, you’ll have significant influence.”
“It’s about time for it to arrive…”
“What is?”
There was a knock at the office door.
The door opened, and Finance Manager Lee Jae-ha entered.
“CEO, a fax has arrived.”
My hands trembled slightly.
“From where?”
Where else?
“From the place you specifically instructed to notify you immediately upon its arrival.”
“From Director Lee Jeong-seok?”
“I’m not sure, but the sender’s name is indeed Lee Jeong-seok.”
“CEO!”
Consultant Kim also seemed to have realized.
I received the fax from Finance Manager Lee.
It was what I had been waiting for.
Ring Ring
The phone on my desk rang.
I immediately picked up the receiver.
[Did you get the fax?]
It was Senior Lee Jeong-seok.
“I got it.”
[It was purchased for 25 million dollars.]
“Really?”
The minimum amount I had told Senior Lee Jeong-seok was 30 million dollars.
The maximum was 40 million dollars.
Knowing that a Chinese company bought it for 20 million dollars, I had set those figures.
[Yes, Ambassador Petrov worked hard on this.]
I had expected it would take at least another 10 million dollars to secure the deal.
Yet, it only took 5 million more.
Former Ambassador Petrov saved me 5 million dollars.
Or should I say, he earned it for me?
After all, the government plans to purchase it for 50 million dollars.
[The contract is finalized, and 10% of the payment is due within 30 days…]
He started reciting the contents of the fax over the phone.
“Senior, I can read the fax. Just head to Singapore immediately, pay the deposit, and call me back.”
[Is something going on?]
“I’ll explain once you arrive in Singapore. Leave the rest to Former Ambassador Petrov.”
[Alright, I’ll take the earliest flight. I’ll tell Petrov it’s under your instructions.]
“Please do.”
The call ended.
“Consultant Kim Seong-woong.”
“Yes, CEO.”
He looked as though he was ready to cheer.
“It seems we’ll need to collect the deposit from the government.”
“You succeeded.”
“Yes, we did. Now, Korea will…”
I stopped speaking, glancing at Finance Manager Lee Jae-ha standing nearby.
…be in possession of two aircraft cruisers.
Consultant Kim, quick to catch on, spoke.
“Manager Lee, you may leave now.”
“Oh! Yes, sir.”
Lee Jae-ha left, clearly curious about what was happening.
The moment the door closed, Consultant Kim quietly celebrated.
“Cheers! Thank you, CEO!”
“There’s no need to thank me. I simply fulfilled what I promised. Please ensure we receive the deposit quickly.”
“That won’t be an issue. Once the contract is verified, the funds will be ready within days.”
The deposit from the government was contingency funding.
The real prize lay in the 47 million dollars safely sitting in Singapore.
40 million of that was earmarked for use.
Thanks to the Ukraine deal requiring only 10% as a deposit, this was feasible.
“And once the funds are transferred from Singapore, use them to purchase as many Samdo General Construction shares as possible.”
Consultant Kim had momentarily forgotten about the Samdo General Construction acquisition.
Hearing this from Lee Seon-su reignited the thought that the acquisition might truly be possible.
***
“Where is it?”
“It’s a small construction company called Dream General Construction.”
“Why there?”
Executive Director Lee Min-ho felt as though his growing unease was becoming reality.
—
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