Minebea Co. Ltd. completed the acquisition of 35.81% stake in Moatech Co. Ltd. from Jong Kwan Lim.
May 31, 2012 at 05:00 am
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Minebea Co. Ltd. (TSE:6479) entered into a basic agreement to acquire 35.81% stake in Moatech Co. Ltd. (KOSE:A033200) from Jong Kwan Lim for KRW 33.5 billion on March 23, 2012. Minebea will acquire 3.94 million shares of Moatech. In related transactions, Minebea agreed to acquire treasury shares and new shares of Moatech on March 23, 2012. After acquisition of existing stock, new stock and treasury stock of Moatech, Minebea will 50.8% stake in Moatech. The transaction is subject to approval of government authorities, approval of business merger report for Fair Trade Commission, approval of foreign investment report for the designated foreign exchange bank, approval from Philippines Securities and Exchange Commission for the Philippine subsidiary, approval of other related ordinance, and no change of major net asset value after the audit. As on May 15, 2012, all conditions in the agreement were fulfilled. Macquarie Capital acted as financial advisor for Mineba.
Minebea Co. Ltd. (TSE:6479) completed the acquisition of 35.81% stake in Moatech Co. Ltd. (KOSE:A033200) from Jong Kwan Lim on May 31, 2012.
MOATECH CO.,LTD is a Korea-based company mainly engaged in the provision of stepping motors. Along with its subsidiaries, the Company's product portfolio consists of heating ventilation air conditioning (HVAC) step actuators, active incar sensors, linear step actuators, linear step motors, stepping motors, brushless direct current (BLDC) motors, adaptive front light system (AFS) actuators, adjustable electric thermostat (AET) step actuators, refrigerant control valves, solenoids, linear expansion valves, dampers and others. The Company distributes its products within domestic market and to overseas markets. In addition, the Company also engages in the distribution of oil products used for automobiles. On August 4, 2014, it announced that its stake in the Hysonic Co Ltd has decreased to 0%.