Damoa Investment Fund managed by W Investment & Finance Co., Ltd., Pangaea I&C Co., Ltd., SC Traffic Co., Ltd. and CPP Korea Co., Ltd. cancelled the acquisition of 21.11% stake in Truwin Company Limited from Yonghyun Nam.
September 23, 2019
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Damoa Investment Fund managed by W Investment & Finance Co., Ltd., Pangaea I&C Co., Ltd., SC Traffic Co., Ltd. and CPP Korea Co., Ltd. entered into an agreement to acquire 21.11% stake in Truwin Company Limited (KOSDAQ:A105550) from Yonghyun Nam for KRW 25.8 billion on July 31, 2019. Pangaea I&C Co., Ltd. Co., Ltd. will acquire 1.47 million shares, Damoa Investment Fund managed by W Investment & Finance Co., Ltd. will acquire 0.4 million shares, SC Traffic Co., Ltd. will acquire 0.2 million shares and CPP Korea Co., Ltd. will acquire 0.2 million shares for KRW 11352 per share. KRW 4 billion have been paid on the contract signing date of July 31, 2019. The buyers will pay the acquisition price in multiple stages. Post completion of the acquisition, Yonghyun Nam will own 4.8% stake, Pangaea I&C Co., Ltd. will own 13.35% stake in Truwin Company Limited. For the year ended December 31, 2018, Truwin Company Limited held total assets of KRW 2.38 billion. The acquisition is expected to complete on December 20, 2019.
Damoa Investment Fund managed by W Investment & Finance Co., Ltd., Pangaea I&C Co., Ltd., SC Traffic Co., Ltd. and CPP Korea Co., Ltd. cancelled the acquisition of 21.11% stake in Truwin Company Limited (KOSDAQ:A105550) from Yonghyun Nam on September 24, 2019. After the payment of KRW 4 billion completed, the transaction has been terminated under the mutual agreement between the both parties. Pangaea I&C paid KRW 2 million and Damoa Investment paid KRW 2 million on July 31, 2019, KRW 11 million will pay on September 24, 2019 and KRW 10.815 million payable on December 20, 2019.
Edge Foundry Co Ltd, formerly Truwin Co Ltd, is a Korea-based company principally engaged in the manufacturing and sales of automobile parts. The Company operates its business through development, manufacture and provision of sensors applied to automotive brake systems and engines. The Companyâs products include accelerator pedal sensors (APSs), throttle position sensors (TPSs), independent accelerator pedal sensors (IAPSs), stop lamp switches (SLSs), pressure sensors and fine dust sensors. The Company also provides electric vehiclesâ heaters, motor controllers and actuators.
Damoa Investment Fund managed by W Investment & Finance Co., Ltd., Pangaea I&C Co., Ltd., SC Traffic Co., Ltd. and CPP Korea Co., Ltd. cancelled the acquisition of 21.11% stake in Truwin Company Limited from Yonghyun Nam.