INSUN Environmental New Technology Co., Ltd. agreed to acquire Young Hung Industrial Environment Co., Ltd. from E&F Jade PEF for KRW 53 billion.
September 14, 2020
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INSUN Environmental New Technology Co., Ltd. (KOSDAQ:A060150) agreed to acquire Young Hung Industrial Environment Co., Ltd. from E&F Jade PEF for KRW 53 billion on September 14, 2020. As part of the transaction, INSUN Environmental New Technology will acquire 0.2 million shares of Young Hung Industrial Environment. The consideration will be paid in cash. The transaction will be funded through capital increase and from INSUN Environmental New Technology's own funds. Young Hung Industrial Environment has generated the revenue of KRW 20.4 billion, net income of KRW 1.1 billion, total assets of KRW 37.2 billion and common equity of KRW 22.2 billion for the year ended December 31, 2019. The Board of Directors of INSUN Environmental New Technology resolved the transaction. The transaction is expected to close on October 15, 2020.
INSUN Environmental New Technology Co., Ltd. is a Korea-based company engaged in the environmental engineering business. The Company's principal activities include intermediate treatment of construction waste, reclamation and incineration of waste, the demolition of scaffoldings and structures, the production of recycled aggregates from construction waste; the distribution of diesel oil and gasoline, as well as vehicle disassembly and recycling. It also engages in the cold-mix recycled asphalt concrete production, incineration, asbestos waste management, new and renewable energy and landfilling businesses. On March 28, 2014, the Company completed the establishment of two wholly-owned subsidiaries namely Insung Industry Co., Ltd and INSUNMOTORS.