Sungwoo Hitech Co., Ltd. acquired an additional 25.25% stake in Gestamp Sungwoo Hitech Private Limited.
April 30, 2014 at 09:30 am IST
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Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) agreed to acquire an additional 25.25% stake in Gestamp Sungwoo Hitech (chennai) Private Limited on April 10, 2014. Sungwoo Hitech Co., Ltd. will acquire 11.25 million shares and will increase its stake to 22.5 million shares in Gestamp Sungwoo Hitech comprises of 50.5% stake. Sungwoo Hitech Co., Ltd. signed a contract to acquire an additional 25.25% stake in Gestamp Sungwoo Hitech (chennai) Private Limited on April 11, 2014. During the year ended December 31, 2013, Gestamp Sungwoo Hitech had total assets of KRW 59.74 billion, total liabilities of KRW 41.54 billion, total stockholders' equity of KRW 18.2 billion, and capital of KRW 7.62 billion. Board of Directors of Sungwoo Hitech Co., Ltd made a resolution in favor of the transaction on April 10, 2014.
Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) completed the acquisition of an additional 25.25% stake in Gestamp Sungwoo Hitech (chennai) Private Limited on April 30, 2014.
SUNGWOO HITECH CO., LTD. is a Korea-based original equipment manufacturer (OEM) principally engaged in the provision of automobile components. The Companyâs products include bumper rails, side members, fender apron completes, center floor completes, hood assemblies, dash completes, floor panel components, package-tray centers, inner lowers, side sills, center pilers and others. It also involves in the distribution of steel products. The Company mainly distributes its products to Hyundai Motor Company, GM Daewoo Auto & Technology Company, KIA Motors Corporation and others.
SUNGWOO HITECH CO., LTD. 
