Geumhwa Plant Service & Construction Co., Ltd. cancelled the acquisition of 78% stake in Ansung Electrics Co., Ltd.
October 01, 2015 at 05:00 am
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Geumhwa Plant Service & Construction Co., Ltd. (KOSDAQ:A036190) agreed to acquire 78% stake in Ansung Electrics Co., Ltd. for KRW 3.6 billion in cash on October 1, 2014. Geumhwa Plant Service & Construction will acquire 31200 shares of Ansung Electrics. Ansung Electrics Co., Ltd. had total assets of KRW 5.5 billion, total liabilities of KRW 2.9 billion, total stockholders' equity of KRW 2.6 billion, revenue of KRW 20.9 billion and net profit of KRW 470 million for the year ending December 31, 2013. As per the terms of put agreement, one of the sellers will sell 1600 shares i.e. 4% every year for 3 years after the signing of contract to sell 1200 shares i.e. 3% shares and the equity stake owned in Ansung Electrics by Geumhwa Plant Service & Construction Co., Ltd. will be changed to 90% i.e. 36000 shares. The Board of Directors of Geumhwa Plant Service & Construction resolved the transaction.
Geumhwa Plant Service & Construction Co., Ltd. (KOSDAQ:A036190) cancelled the acquisition of 78% stake in Ansung Electrics Co., Ltd. on October 1, 2015.
GEUMHWA PLANT SERVICE & CONSTRUCTION CO., LTD. is a Korea-based company mainly engaged in the construction of industrial plants. The Company constructs plants, such as thermoelectric power plants, nuclear power plants, petrochemical plants, liquefied natural gas (LNG) bases, tidal power plants, steel manufacturing plants, as well as other plant works, including the installation of incinerators, sewage disposal plants and apartment facilities. It also provides power plant maintenance services, including upkeep services, as well as precaution and rehabilitation services for boilers, desulfurization equipment, turbines and generators. In addition, it engages in the overseas plant construction business. It also involves in the manufacture of automotive components through Ansung Co Ltd.