E& Corporation CO., LTD. signed a contract to acquire 80% stake in Daeyang Enbio Co., Ltd from group of shareholders for KRW 18 billion.
October 28, 2021
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E& Corporation CO., LTD. (KOSDAQ:A066980) signed a contract to acquire 80% stake in Daeyang Enbio Co., Ltd from group of shareholders for KRW 18 billion on October 28, 2021. Consideration was paid in cash for acquiring 0.068 million shares of Daeyang Enbio for expansion of new business and synergy with existing business. Consideration will be paid in installments as KRW 1.8 billion will be paid as down payment and Interim payment of KRW 7.2 billion will be paid on November 30, 2021 and payment date of balance of KRW 9 billion will be paid on December 20, 2021. For year ended December 31, 2020, Daeyang Enbio had total assets of KRW 184.4 billion. Board passed resolution on October 28, 2021.Transaction is expected to close on December 20, 2021.
Hansung Cleantech Co Ltd, formerly E& Corporation Co Ltd is a Korea-based company primarily engaged in the environmental facility construction business. The Company operates its business through four segments. The Environmental Facilities Construction segment is engaged in the operation of industrial water treatment business. The Environmental Equipment Business segment is engaged in the provision of environmental facility operation services such as sewage treatment plants and incineration facilities. The Liquid Designated Waste Business segment is engaged in the operation of industrial wastewater treatment industry. The Content Business segment is engaged in the provision of online lottery information services and webtoon services.