Sungdo Engineering & Construction Co., Ltd. agreed to acquire remaining 19.96% stake in Sungdo Leaders & Development Co., Ltd. from Insoo Seo for KRW 12 billion.
April 17, 2017
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Sungdo Engineering & Construction Co., Ltd. (KOSDAQ:A037350) agreed to acquire remaining 19.96% stake in Sungdo Leaders & Development Co., Ltd. from Insoo Seo for KRW 12 billion on April 17, 2017. Sungdo Engineering & Construction Co., Ltd will acquire 1 million shares of Sungdo Leaders & Development Co., Ltd in cash. As part of consideration KRW 6 billion will be paid on the contract signing date and the remaining balance will be paid on July 17, 2017. After the transaction, Sungdo Engineering & Construction Co., Ltd will hold 100% stake in Sungdo Leaders & Development Co., Ltd. Sungdo Leaders & Development Co., Ltd reported total assets of KRW 97.38 billion, shareholders' equity of KRW 55.57 billion, sales of KRW 0 and net loss of KRW 1.87 billion in 2016. The Board of Directors passed a resolution for the transaction on April 17, 2017. The transaction is expected to be completed on July 17, 2017.
SUNGDO ENGINEERING & CONSTRUCTION CO., LTD. is a Korea-based company mainly engaged in semiconductor equipment installation and semiconductor plant construction businesses. The Company operates its businesses through five segments: high technology segment, which focuses on the design, engineering, construction, operation, repair and maintenance of semiconductors, displays, biomedical and pharmaceutical clean room facilities and related equipment; plant segment, which focuses on engineering and construction of petrochemical plants, environment plants and power plants; construction segment, which constructs residential buildings and others; property development segment, as well as other segment, which involves in the rental, golf course operation and commission trading.
Sungdo Engineering & Construction Co., Ltd. agreed to acquire remaining 19.96% stake in Sungdo Leaders & Development Co., Ltd. from Insoo Seo for KRW 12 billion.