An undisclosed buyer cancelled the acquisition of 11.6% stake in The 2nd Youngdong Highway Co., Ltd. from KCC Engineering & Construction Co., Ltd. and KCC Engineering & Construction Co., Ltd..
September 17, 2015
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An undisclosed buyer agreed to acquire 11.6% stake in The 2nd Youngdong Highway Co., Ltd. from KCC Engineering & Construction Co., Ltd. (KOSDAQ:A021320) and KCC Engineering & Construction Co., Ltd. (KOSDAQ:A021320) for KRW 19.6 billion on September 18, 2014. Under the terms of the deal, 1.43 million shares will be sold for KRW 7.13 billion after the financial contract, within October 2014, another 1.43 million shares will sold at the time of construction completion, expected in November, 2016 for KRW 7.13 billion and 1.07 million shares will be sold for KRW 5.3 billion 3 years after the operation begin, after November 2019. Post closing, Kolon Global Corporation will not hold any stake in The 2nd Youngdong Highway Co., Ltd. For the period ended 2013, The 2nd Youngdong Highway had stockholder's equity of KRW 393.45 billion. The transaction was resolved by Board of Directors of Kolon Global on September 18, 2014.
An undisclosed buyer cancelled the acquisition of 11.6% stake in The 2nd Youngdong Highway Co., Ltd. from KCC Engineering & Construction Co., Ltd. (KOSDAQ:A021320) and KCC Engineering & Construction Co., Ltd. (KOSDAQ:A021320) on September 18, 2015.
KCC ENGINEERING & CONSTRUCTION CO., LTD. is a Korea-based company engaged in the construction and engineering business. The Company operates its business through four segments: civil engineering segment, architecture segment, presale construction segment and steel structures segment. Its civil engineering segment constructs expressways, railways, roads, bridges, tunnels, harbors, reclamation works, site renovation works, as well as the water supply and sewerage systems. Its architecture segment engages in the construction of commercial buildings, office buildings, residential buildings, factories, plants and others. Its presale construction segment constructs and markets apartment and residential complexes. Its steel structures segment constructs steel frames for buildings and steel bridges.
An undisclosed buyer cancelled the acquisition of 11.6% stake in The 2nd Youngdong Highway Co., Ltd. from KCC Engineering & Construction Co., Ltd. and KCC Engineering & Construction Co., Ltd..