Asia Cement Co.,Ltd. agreed to acquire Halla Cement Corp. from Baring Private Equity Asia and other sellers for approximately KRW 370 billion.
November 09, 2017
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Asia Cement Co.,Ltd. (KOSE:A183190) agreed to acquire Halla Cement Corp. from Baring Private Equity Asia and other sellers for approximately KRW 370 billion on November 10, 2017. Asia Cement Co.,Ltd. won the bid and selected as preferred bidder. Asia Cement Co.,Ltd. signed an agreement to acquire Halla Cement Corp. from Baring Private Equity Asia and other sellers on December 11, 2017. Asia Cement Co.,Ltd. will acquire 25 million shares. Asia Cement Co.,Ltd. will pay 8% of transaction amount on contract signing date and balance on transaction end date. Asia Cement Co.,Ltd. will use retained funds and borrowings/loans for the acquisition. As of December 18, 2017, Asia Cement Co.,Ltd. plan to issue new shares of worth KRW 68.4 to finance the transaction. During the year ended December 31, 2016, Halla Cement Corp. had total assets of KRW 625.95 billion, total capital of KRW 466.09 billion, sales of KRW 470.68 billion, and net profit of KRW 63.84 billion. Board of Directors of Asia Cement Co.,Ltd. made a resolution in favor of the transaction on November 10, 2017 and December 11, 2017. The scheduled acquisition date is January 31, 2018. Citigroup Global Markets Korea Securities Limited acted as financial advisor to Baring Private Equity Asia. Joongang Accounting Corporation acted as external rating institution.
ASIA CEMENT CO.,LTD. is a Korea-based company mainly engaged in the manufacture and distribution of cements. The Company mainly provides cements, including general Portland cements, moderate heat Portland cements, early-strength Portland cements, low heat Portland cements and sulfate resistance Portland cements; ready-mixed concretes (REMICONs), including general concretes , high strength concretes and low heat concretes, as well as dry mortars. It also involves in the leasing of leisure facilities and buildings. On June 3, 2014, it acquired additional shares of ASIA ADVANCED MATERIALS SDN.BHD and held 100% stake in the target company after the transaction.
ASIA CEMENT CO.,LTD. 
