Kyungin Synthetic Corp. completed the acquisition of remaining 61.04% stake in Eastwell Company Ltd. from Choi, Won-Woo, Kim, Do-Yeon, Kim, Suk-Ho and others.
January 15, 2013 at 09:30 am IST
Share
Kyungin Synthetic Corp. (KOSE:A012610) agreed to acquire remaining 61.04% stake in Eastwell Company Ltd. from Choi, Won-Woo, Kim, Do-Yeon, Kim, Suk-Ho and others for KRW 8.2 billion in stock on November 2, 2012. The merger contract is expected to be signed on November 6, 2012. As on November 6, 2012, Kyungin Synthetic Corp. entered into an agreement to acquire remaining 61.04% stake in Eastwell Company Ltd. from Choi, Won-Woo, Kim, Do-Yeon, Kim, Suk-Ho and others. As consideration, 2.9 million shares of Kyungin Synthetic will be issued. For each share of Eastwell Company, 19.58 shares of Kyungin Synthetic will be issued. As on November 14, 2012, the share exchange ratio has been changed from 19.58 to 18.25.
Eastwell Company reported total assets of KRW 17.69 billion, total shareholders' equity of KRW 13.6 billion, sales of KRW 15.4 billion, operating income of KRW 1.9 billion and net profit of KRW 1.3 billion in 2011. The approval from the Board of Kyungin Synthetic Corp. is expected on December 12, 2012. The Board of Directors of Kyungin Synthetic resolved the deal on November 2, 2012. As of December 12, 2012, the deal was approved by Board of Directors of Kyungin Synthetic Corp. The transaction is expected to complete on January 15, 2013. Woori Accounting Corporation acted as valuer in the deal.
Kyungin Synthetic Corp. (KOSE:A012610) completed the acquisition of remaining 61.04% stake in Eastwell Company Ltd. from Choi, Won-Woo, Kim, Do-Yeon, Kim, Suk-Ho and others on January 15, 2013.
KYUNGIN SYNTHETIC CO., LTD. is a Korea-based company engaged in the manufacture of dyes. The Company and its subsidiaries operate in two segments: dye segment and chemical segment. Its dye segment produces reactive dyes, which include Synozol HB series, Synozol CP series, Synozol CR Series, Synozol K-Series, Synozol Black Series, vinyl sulfone types and others; disperse dyes, which consist of Synozol rapid dye series, acetate eco series, flavine dyes, Synolon polyesters and others; acid dyes, which consist of Synoacid E for dyeing light to medium colors, Synoacid N for dyeing medium to dark colors, as well as Synoacid F, Synoacid M, Synoacid S and others; fluorescent brightener dyes, which include fluorescent brighteners for nylon, paper, detergents, polyester and acryl; direct dyes, as well as other dyes and intermediates, such as leather dyes and solvent dyes. Its chemical segment produces saccharin and others.
Kyungin Synthetic Corp. completed the acquisition of remaining 61.04% stake in Eastwell Company Ltd. from Choi, Won-Woo, Kim, Do-Yeon, Kim, Suk-Ho and others.
KYUNGIN SYNTHETIC CO., LTD. 