GS Energy Corporation completed the acquisition of 30% stake in Cheongna Energy Co.,Ltd. from Incheon City Gas Co. Ltd.
July 03, 2014 at 09:30 am IST
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GS Energy Corporation agreed to acquire 30% stake in Cheongna Energy Co.,Ltd. from Incheon City Gas Co. Ltd. (KOSE:A034590) for KRW 35 billion in cash on May 23, 2014. GS Energy Corporation is acquiring 6 million shares of Cheongna Energy Co.,Ltd. As part of the consideration, GS Energy Corporation will pay KRW 3.5 billion as deposit and balance will be paid on a later date. Board of Directors of Incheon City Gas Co. Ltd. resolved the transaction. The transaction is subject to approval by Board of Directors of Cheongna Energy Co.,Ltd. and creditors. The transaction completion date which is the date both Incheon City Gas Co. Ltd. and GS Energy agree on within 2 months from the transactions contract signing date. KPMG acted as financial advisor to GS Energy.
GS Energy Corporation completed the acquisition of 30% stake in Cheongna Energy Co.,Ltd. from Incheon City Gas Co. Ltd. (KOSE:A034590) on July 3, 2014. The balance consideration was received and all conditions were met.
INCHEON CITY GAS CO., LTD is a Korea-based company mainly engaged in the provision of natural gas. The Company provides liquefied natural gas (LNG) used for cooking and heating, industrial engineering production, compressed natural gas stations and others. It supplies gases to Bupyeong-gu and Gyeyang-gu, Incheon, Ganghwa-gun, part of Namdong-gu, Jung-gu, Daegot-myeon and Walgot-myeon Gimpo-si and others. In addition, the Company operates compressed natural gas (CNG) charging stations in Incheon International Airport, and customer service (CS) center and others.