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.