KHAN CO., LTD. cancelled the acquisition 50.03% stake in Oriental Precision & Engineering Co., Ltd. from the financial institutions that form the Shareholders’ Council.
May 01, 2017
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KHAN CO., LTD. entered into a memorandum of understanding to acquire a 50.03% stake in Oriental Precision & Engineering Co., Ltd. (KOSDAQ:A014940) for KRW 30 billion on February 17, 2017. KHAN CO. will acquire 20,272,981 shares at the price of KRW 1,480 per share in the deal. KHAN CO. was chosen as a preferred bidder and will pay a performance bond worth KRW 1.5 billion on February 17, 2017. The definitive contract is expected to be signed within 5 business days from the day the stock sales/acquisition price is confirmed deposit of 10% of the purchase price will be made on contract signing date. The schedule for balance 90% of purchase price is yet to be determined and may be adjusted during the verification survey process. Samjung Public Account Firm provided services in connection with the deal.
KHAN CO., LTD. cancelled the proposed acquisition of a 50.03% stake in Oriental Precision & Engineering Co., Ltd. (KOSDAQ:A014940) on May 2, 2017. The final contract was not signed until the contract signing limit date of April 30, 2017 due to their disagreement with the contract terms, leading to cancellation.
ORIENTAL PRECISION & ENGINEERING CO.,LTD is a Korea-based company engaged in the manufacture and sale of shipping superstructures and shipping machineries. The Company operates its business through two main segments: shipping superstructure segment and shipping machinery segment. Its shipping superstructure segment mainly offers deck houses, engine room casings, funnels, hull blocks and offshore structures such as heavy cargo carriers, floating docks, hopper barges and others. Its shipping machinery segment mainly offers cranes, such as deck cranes, hose handling cranes, provision cranes, knuckle cranes, monorail cranes and gantry cranes; davits, such as life boat davits and free-fall davits, as well as moorings and winches. The Company distributes its products within domestic market and to overseas markets, including Japan, China and Europe.
KHAN CO., LTD. cancelled the acquisition 50.03% stake in Oriental Precision & Engineering Co., Ltd. from the financial institutions that form the Shareholders’ Council.