An unknown buyer agreed to acquire an unknown majority stake in Dalian Samyoung Chemical Co., Ltd. from SamYoung Chemical Co.,Ltd for CNY 85 million.
July 03, 2017
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An unknown buyer agreed to acquire an unknown majority stake in Dalian Samyoung Chemical Co., Ltd. from SamYoung Chemical Co.,Ltd (KOSE:A003720) for CNY 85 million on July 3, 2017. The actual sales value may change according to the asset and liability settlement agreement in the future. Dalian Samyoung Chemical Co., Ltd. reported book value of KRW 14.88 billion (CNY 85.83 million), total assets of KRW 28.89 billion (CNY 166.67 million), sales of KRW 9.96 billion (CNY 57.48 million) and net loss of KRW 3.61 billion (CNY 20.82 million) in 2016.
The details and the date of the disposition are subject to change depending on the approval procedure of the Chinese local authorities and future business situation. The Board of Directors passed a resolution for the transaction on July 3, 2017. The transaction is expected to be completed on September 20, 2017. As reported on September 20, 2017, the closing date of the transaction was extended to October 31, 2017. As reported on October 31, 2017, the closing date of the transaction has now been extended to November 30, 2017. Barun Accounting Corporation acted as the external auditor in the transaction.
Samyoung Co Ltd, formerly Samyoung Chemical Co Ltd, is a Korea-based company primarily engaged in the manufacture and sale of film. The Company operates its business through three business segments. The Film segment is engaged in the manufacture and sale of biaxially oriented film, uniaxially oriented film, capacitor film, wrap and stretch film. The Heavy industry segment is engaged in the manufacture and sale of engine parts such as cylinder liners and gas-receive strongback rings which are parts of large ship engines. The Vietnam segment is engaged in the manufacture and sale of wraps for food packaging.
SAMYOUNG CO.,LTD. 
