Old Faithful Co., Ltd. signed memorandum of understanding to acquire 27.17% stake in Yuyang D&U Co.,Ltd. from EV Advanced Material Co.,Ltd for KRW 23.6 billon.
June 28, 2021
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Old Faithful Co., Ltd. signed memorandum of understanding to acquire 27.17% stake in Yuyang D&U Co.,Ltd. (KOSE:A011690) from EV Advanced Material Co.,Ltd (KOSDAQ:A131400) for KRW 23.6 billon on June 29, 2021. As per terms of transaction, Old Faithful Co., Ltd. will acquire 40 million shares at KRW 590 per share. Transaction is expected to completed on September 30, 2021.
Y2 Solution Co Ltd, formerly Yuyang D&U Co Ltd is a Korea-based company mainly engaged in the manufacture and sale of power supply equipment. The Company operates its business through four segments. The Switching Mode Power Supply (SMPS) segment engages in the manufacture and sale of SMPSs for liquid crystal display (LCD), light emitting diode (LED), smart, organic light emitting diode (OLED), and ultra high definition television (UHD TV). The LED segment provides LED lighting products. The Chemical Wholesale segment operates a distribution business that mainly imports petrochemical intermediate raw materials and solvent cleaners from China and Japan, supplies them to demanding enterprises. The Other Business segment is engaged in the development of new biopharmaceuticals, and others.
Old Faithful Co., Ltd. signed memorandum of understanding to acquire 27.17% stake in Yuyang D&U Co.,Ltd. from EV Advanced Material Co.,Ltd for KRW 23.6 billon.