Seoyeon Co., Ltd. agreed to acquire Seoyon Cnf Investment Co., Ltd. from Seoyon Cnf Company for KRW 12.7 billion.
September 09, 2016
Share
Seoyeon Co., Ltd. (KOSE:A007860) agreed to acquire Seoyon Cnf Investment Co., Ltd. from Seoyon Cnf Company for KRW 12.7 billion on September 9, 2016. Seoyeon Co will issue 5.63 million shares for each share of Seoyon Cnf Investment resulting in issuance of 0.97 million shares. As of September 27, 2016 Seoyeon Co., Ltd. has revised the terms, Seoyeon Co will issue 5.7781762 shares for each share of Seoyon Cnf Investment resulting in issuance of 0.99 million shares. Post-completion, Seoyeon Co., Ltd. will be the surviving company and Seoyon Cnf Investment Co will be dissolved company. Seoyon Cnf Investment had total assets of KRW 103.8 billion, sales of KRW 144.5 billion and net income of KRW 3.4 billion for the year ended December 31, 2015. The Board of Seoyeon Co resolved the deal on September 9, 2016. The merger contract signing date is expected to be September 12, 2016. The scheduled date of general meeting of shareholders will be October 28, 2016. The period of submission of objections from creditors will be from October 31, 2016 to November 30, 2016. The deal is expected to close on December 1, 2016. The scheduled listing date of new shares will be December 19, 2016. Ernst & Young, Korea acted as an external rating institution.
SEOYEON CO. LTD., formerly HAN IL E WHA CO., LTD., is a Korea-based company mainly engaged in the manufacture and distribution of automobile interior parts and accessories. The Company produces door trims, car seats, head linings, covering shelves, package trays, screen assemblies, pillar trims, key sets, multifunction switches, power window switches and others, which are mainly used for automobiles. The Company's main customers include Hyundai Motor Company and KIA Motors Corporation. The Company distributes its products within domestic market and to overseas markets, including Europe, China, India, America and others.
SEOYON CO., LTD. 
