KM R&C Co., Ltd. completed the acquisition of Modern Tech from Jae-Wook Jung.
December 29, 2014 at 09:30 am IST
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KM R&C Co., Ltd. (KOSDAQ:A066430) agreed to acquire Modern Tech from Jae-Wook Jung for KRW 4 billion in cash on December 19, 2014. Under the terms of the agreement, KM R&C Co., Ltd. will acquire approximately 0.04 million shares of Modern Tech. KM R&C Co., Ltd. paid KRW 500 million on December 19, 2014. KM R&C Co., Ltd. paid KRW 800 million on December 26, 2014. Modern Tech had revenues, total assets, operating profit and net profit of KRW 16532.84 million, KRW 4625.38 million, KRW 1113.40 million and KRW 809.96 million respectively in the year ended 2013. Board of Directors of KM R&C Co., Ltd. made a resolution in favor of the transaction on December 19, 2014. The transaction is expected to close on December 29, 2014.
KM R&C Co., Ltd. (KOSDAQ:A066430) completed the acquisition of Modern Tech from Jae-Wook Jung on December 29, 2014. KM R&C Co., Ltd. paid KRW 2.7 billion. Modern tech will be merged with KM R&C and will be dissolved. The merger will be completed by March 5, 2015. Yoon-Seng Lee of Jung Dong Accounting Corporation acted as external evaluating agency in the deal.
Y-OPTICS MANUFACTURE Co., Ltd. is a Korea-based company principally engaged in the polyethylene (PE) raw materials sales business. The Company operates its business through two segments. The Distribution Business segment sells PE raw materials. The PE Manufacturing segment manufactures PE industrial films. The Company sells its products within domestic market and to overseas markets.