Synopex Inc. completed the acquisition of 66.67% stake in Flontec Co., Ltd. from Noksan Trading Co., Ltd. and others.
September 29, 2020
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Synopex Inc. (KOSDAQ:A025320) agreed to acquire 66.67% stake in Flontec Co., Ltd. from Noksan Trading Co., Ltd. and others for KRW 1.3 billion on July 9, 2020. Under the transaction, Synopex will issue shares as consideration at the exchange ratio is 1.8939751. After the merger, the name of the surviving company is Synopex Co., Ltd. and Flontec Inc.is expected to disband. Flontec Inc loses its status at the same time as the directors and auditors register for dissolution. Deal is submitted to Financial Services Commission / Korea Exchange on July 9, 2020. The deal is resolved by Board on July 9, 2020. Merger contract date is July 10, 2020. Transaction was approved by Board of Directors of Synopex Inc. Date of merger is September 30, 2020 and scheduled merger registration date is October 6, 2020.
Synopex Inc. (KOSDAQ:A025320) completed the acquisition of 66.67% stake in Flontec Co., Ltd. from Noksan Trading Co., Ltd. and others on September 30, 2020. The expected listing date of merged new shares is expected on October 27, 2020.
Synopex Inc. is a Korea-based company mainly engaged in the manufacture of mobile phone components. The Company operates its business through three divisions: information technology (IT) business division, packaging and filter business division and water environment business division. Its IT business division provides touch screen panels, which are used for handheld devices and home appliances. Its packaging and filter business division engages in the manufacturing and provision of rust-preventive paper and cartridge filters used for steel packaging, water purification and others. Its water environment division engages in the water treatment business, providing the design and build of tap water supply systems and water treatment systems. The Company also provides panel board assembles (PBAs) mainly to Samsung Electronics.