DS Heavy Ind. Co., Ltd. and Zmc Co., Ltd. completed the acquisition of 33.7% stake in Dongnam Marine Crane Co., Ltd. from Sejin Heavy Industries Co., Ltd.
September 27, 2016
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DS Heavy Ind. Co., Ltd. and Zmc Co., Ltd. signed a contract to acquire 33.7% stake in Dongnam Marine Crane Co., Ltd. (KOSDAQ:A101000) from Sejin Heavy Industries Co., Ltd. (KOSE:A075580) for KRW 26.2 billion on August 24, 2016. Under the terms of the transaction DS Heavy will acquire 4.2 million shares at KRW 6200 per share. ZMc acquired 3.81 million shares of Dongnam Marine at KRW 6200 per share. DS Heavy will deposit KRW 2.6 billion on the contract signing date and balance will be paid on closing date. On September 28, 2016, the deal terms revised. DS Heavy Ind. Co., Ltd. and Zmc Co., Ltd. will acquire the stake. The transaction closing date is expected to be September 30, 2016 or the date negotiated by the parties involved. As per the amendment, the deal is expected to close on September 28, 2016.
DS Heavy Ind. Co., Ltd. and Zmc Co., Ltd. completed the acquisition of 33.7% stake in Dongnam Marine Crane Co., Ltd. (KOSDAQ:A101000) from Sejin Heavy Industries Co., Ltd. (KOSE:A075580) on September 28, 2016.
Sangsangin Industry Co., Ltd., formerly Dongnam Marine Crane Co., Ltd., is a company engaged in the manufacturing and distribution of ship cranes. Along with subsidiaries, the Company operates its business through two segments. The Shipbuilding Equipment Business segment is engaged in the production and sale of marine cranes, offshore cranes, deck machineries, material handling equipments, engine casings and funnels. The Industrial Plant Business segment is involved in the manufacturing and sale of continuous ship unloaders (CSUs).
DS Heavy Ind. Co., Ltd. and Zmc Co., Ltd. completed the acquisition of 33.7% stake in Dongnam Marine Crane Co., Ltd. from Sejin Heavy Industries Co., Ltd.
SANGSANGIN INDUSTRY CO., LTD. 
