Hanil Cement Co., Ltd. (KOSE:A003300) and Asia Cement Co. Ltd. (KOSE:A183190) entered into letter of intent to acquire 74.05% stake in TONGYANG Cement & Energy Corporation (KOSDAQ:A038500) from Tong Yang International Inc. and Tongyang Inc. (KOSE:A001520) on June 29, 2015. TONGYANG Inc will sell 54.96% stake and Tong Yang International Inc. will sell 19.09% stake. Tongyang Inc will receive approximately KRW 800 million as consideration. Hanil Cement Co., Ltd and Asia Cement Co. Ltd. were shortlisted as bidder. Expected closing is on September 25. KPMG Samjong Accounting Corporation acted as sales supervisor.

Hanil Cement Co., Ltd. (KOSE:A003300) and Asia Cement Co. Ltd. (KOSE:A183190) cancelled the acquisition of 74.05% stake in TONGYANG Cement & Energy Corporation (KOSDAQ:A038500) from Tong Yang International Inc. and Tongyang Inc. (KOSE:A001520) on August 28, 2015. The deal was cancelled as Sampyo Cement Copration and KDB Sigma 2 Corporate Financial Stability Private Equity Fund entered into a contract to acquire 54.97% stake in TONGYANG Cement & Energy Corporation (KOSDAQ:A038500) from Tongyang Inc. (KOSE:A001520) for approximately KRW 790 billion on August 28, 2015.