Pumyang Construction Co., Ltd. cancelled the transaction announced on March 14, 2012.
June 14, 2012 at 12:00 am EDT
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Pumyang Construction Co., Ltd. (KOSE:A002410) announced a private placement of 3,340,000 common shares at KRW 5,000 per share for gross proceeds of KRW 16,700,000,000 on March 14, 2012. The shares will be issued to a consortium of investors including Jinduk Industrial Co., Ltd.
On March 15, 2012, the contract of the transaction was signed and agreed upon by the investors. The investors invested 10% of amount and the rights of pledge was established. The transaction is subject to approval from the Soul Central District Court.
On June 14, 2012, Pumyang Construction Co., Ltd. cancelled the transaction. The paid KRW 16,700,000,000 and the accrual of interest will be returned on the same day.
BUMYANG CONSTRUCTION CO.,LTD, formerly PUMYANG CONSTRUCTION CO.,LTD. is a Korea-based company engaged in the construction business. The Company operates its business through architecture division, civil engineering work division. Its architecture division engages in the construction of public facilities, education facilities, residential complexes, hotels, business centers and others. Its civil engineering work division engages in the construction of roads, express ways, bridges, subways, railways, as well as water and sewage treatment works and landscaping works. It was also involved in the international public building, project management and construction businesses.
BUMYANG CONSTRUCTION CO.,LTD. 