DaeChang Steel Co., Ltd. agreed to acquire Buil Steel Co.,Ltd from Kyuchul Jung, Sunhee Jung and Jaechun Sim for KRW 24.5 billion.
October 29, 2020
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DaeChang Steel Co., Ltd. (KOSDAQ:A140520) agreed to acquire Buil Steel Co.,Ltd from Kyuchul Jung, Sunhee Jung and Jaechun Sim for KRW 24.5 billion on October 30, 2020. DaeChang will acquire 0.3 million shares and Kyuchul Jung, Sunhee Jung and Jaechun Sim will sell 0.08 million shares respectively. Out KRW 24.5 billion, KRW 4 billion was paid on October 30, 2020, KRW 7 billion will be paid on January 29, 2021 and balance will be paid on March 31, 2021. On January 26, 2021, as per correction the intermediate payment of KRW 7 billion will be paid by February 1, 2021. The transaction will be financed by holding funds and borrowings, etc. Buil Steel reported total assets of KRW 55.4 billion, total equity of KRW 22.2 billion, sales of KRW 85.7 billion and net income of KRW 273 million for year ending, December 31, 2019. The transaction is expected to close on March 31, 2021.
Daechang Steel Co., Ltd. is a Korea-based company principally engaged in the distribution and processing of steel products. The Companyâs products mainly consist of cold rolled steel sheets, hot rolled steel sheets, cold rolled steels, picked oiled coils, galvannealed steels, continuous galvanized coils, electro galvanized coils, and other steel sheets. In addition, The Company provides access floors, steel cement panels and others. The Company also involves in the real estate rental business.