Evermore Chemical Industry Co., Ltd. completed the acquisition of U-Best Viet Nam Polymer Industry and Viet Nam Sum Yad Technology Limited from U-Best Innovative Technology Co., Ltd. and Sun Yad Construction Co.,Ltd.
July 01, 2020
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Evermore Chemical Industry Co., Ltd. (TSEC:1735) agreed to acquire U-Best Viet Nam Polymer Industry and Viet Nam Sum Yad Technology Limited from U-Best Innovative Technology Co., Ltd. (GTSM:4714) and Sun Yad Construction Co.,Ltd (TSEC:1316) respectively for ¥980 million on October 3, 2019. A contract is expected to be concluded in early October 2019. Post completion, U-Best Vietnam Polymer Industry and Vietnam Sum Yad Technology Limited will operate as subsidiaries of Evermore Chemical Industry Co., Ltd. For the year ended December 31, 2018, U-Best Vietnam Polymer Industry reported net assets of TWD 94 million (¥324.1 million), total assets of TWD 102 million (¥351.8 million), sales of TWD 65 million (¥224.1 million), operating loss of TWD 4.5 million (¥15.5 million) and net loss of TWD 4.1 million (¥14.1 million). For the year ended December 31, 2018, Vietnam Sum Yad Technology Limited reported total assets of $3.6 million (¥384.6 million), sales of $1.7 million (¥181.6 million), operating loss of $0.7 million (¥74.8 million) and net loss of $1 million (¥106.8 million). The deal is resolved on October 3, 2019. The deal is expected to close in early January 2020. The impact of this matter on business of Aica Kogyo Company, Limited, parent of Evermore Chemical Industry Co., Ltd. will be immaterial.
Evermore Chemical Industry Co., Ltd. (TSEC:1735) completed the acquisition of U-Best Viet Nam Polymer Industry and Viet Nam Sum Yad Technology Limited from U-Best Innovative Technology Co., Ltd. (GTSM:4714) and Sun Yad Construction Co.,Ltd (TSEC:1316) on July 1, 2020.
Sun Yad Construction Co Ltd is a Taiwan-based company mainly engaged in the investment, development and construction of real estate, as well as the manufacture and sale of resin and polyurethane (PU) synthetic leather. The real estate development and construction business is mainly engaged in the investment, development and trading of land, as well as the construction investment, design and trading of real estate. The main products of synthetic resins business include PU synthetic resin, PU adhesives, nylon resin and polyester polyols, among others. These products are mainly used for the manufacture of the PU synthetic leather and artificial leather for footwear, leather bags and clothes, as well as the manufacture of the waterproof nylon, such as raincoats, suitcases and tents. The PU synthetic leather business is mainly engaged in the manufacture and trading of plastic leather. The Company mainly distributes products in Taiwan as well as other parts of Asia.
Evermore Chemical Industry Co., Ltd. completed the acquisition of U-Best Viet Nam Polymer Industry and Viet Nam Sum Yad Technology Limited from U-Best Innovative Technology Co., Ltd. and Sun Yad Construction Co.,Ltd.