Pumyang Construction Co., Ltd. completed the Spin-Off of Pumyang Asset Management Co. Ltd.
December 24, 2013 at 10:30 am IST
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Pumyang Construction Co., Ltd. (KOSE:A002410) announced the spin off of its Real Estate Development & Selling Business to the shareholders of Pumyang Construction Co., Ltd. on May 17, 2012. Pumyang Construction will transfer trust assets of Foreign PF Business areas for transfer related assets and liabilities and will establish a new company by issuance of shares by new company to be distributed to the shareholders of Pumyang Construction. Pumyang Construction will continue the Comprehensive Construction Business. The new company will have 0.04 million outstanding shares with allocation ratio of 0.00350671 with Pumyang Construction allocation ratio for 11.4 million outstanding shares being 0.99649329. The transaction was decided on May 17, 2012. The transaction is subject to the decision of Board of Directors for the approval of the rehabilitation plan and the general meeting of stockholders will be substituted by the approval of the rehabilitation plan.
As on November 18, 2013, Pumyang Construction amended the terms of the spin off. The spin off ratio will be 0.38165037. The scheduled delivery date of new share certificates is December 23, 2013, and the scheduled listing date is December 24, 2013. The name of the entity will be Pumyang Asset Management Corporation. As of December 5, 2013, it was announced that the expected closing of the transaction has been changed to December 18, 2013. Scheduled delivery date of new share certificates is January 10, 2014 and the scheduled listing date is January 3, 2014.
Pumyang Construction Co., Ltd. (KOSE:A002410) completed the spin off of its Real Estate Development & Selling Business to the shareholders of Pumyang Construction Co., Ltd. on December 24, 2013.
BUMYANG CONSTRUCTION CO.,LTD, formerly PUMYANG CONSTRUCTION CO.,LTD. is a Korea-based company engaged in the construction business. The Company operates its business through architecture division, civil engineering work division. Its architecture division engages in the construction of public facilities, education facilities, residential complexes, hotels, business centers and others. Its civil engineering work division engages in the construction of roads, express ways, bridges, subways, railways, as well as water and sewage treatment works and landscaping works. It was also involved in the international public building, project management and construction businesses.