Sejin Heavy Industries Co., Ltd. completed the acquisition of Ilseung Co.,Ltd. from STX Heavy Industries Co., Ltd..
November 27, 2017
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Sejin Heavy Industries Co., Ltd. (KOSE:A075580) agreed to acquire Ilseung Co.,Ltd. from STX Heavy Industries Co., Ltd. (KOSE:A071970) on September 27, 2017. On September 28, 2017, conditional acquisition contract was signed. Under the terms of transaction, Sejin Heavy Industries Co., Ltd. will acquire 0.01 million shares for KRW 10 billion. For the year ended December 31, 2016, Ilseung Co.,Ltd. reported total assets of KRW 8.4 billion, net assets of KRW 5.2 billion, revenue of KRW 8.4 billion and net profit of KRW 725.1 million. The transaction is resolved by the Board of Sejin Heavy Industries on September 28, 2017. The transaction will be conducted by stalking horse method and will be subject to conditional open bidding in the future for the confirmation of the final buyer. The transaction is expected to be completed by November 24, 2017.
Sejin Heavy Industries Co., Ltd. (KOSE:A075580) completed the acquisition of Ilseung Co.,Ltd. from STX Heavy Industries Co., Ltd. (KOSE:A071970) on November 27, 2017.
Il Seung Co Ltd, formerly Mirae Asset Daewoo Special Purpose Acquisition 4 Co, is a Korea-based company mainly engaged in the marine environmental equipment industry. The Company operates its business through three segments. The Environmental Equipment Business segment researches, develops and produces environmental equipment such as manure treatment equipment, scrubbers, fresh-water generators and fuel purifiers. The Shipbuilding Liquefied Natural Gas (LNG) Business segment produces LNG regasification equipment that vaporizes LNG, and designs materials including machinery, pipes, and structures installed on ship blocks. The Material Business segment supplies functional protective films, teflon tapes, resins, and engineering plastics (EP).