Gwangan Distribution Co., Ltd, Myoungdong AMC Co., Ltd and Songwon Co., Ltd completed the acquisition of 49.58% stake in Samwhan Camus Co., Ltd. from Samwhan Corporation.
March 24, 2014 at 12:00 am EDT
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Gwangan Distribution Co., Ltd, Myoungdong AMC Co., Ltd and Songwon Co., Ltd signed a contract to acquire 49.58% stake in Samwhan Camus Co., Ltd. (KOSE:A013700) from Samwhan Corporation (KOSE:A000360) for KRW 10 billion on January 27, 2014. Gwangan Distribution, Myoungdong AMC and Songwon will acquire 2.24 million shares. A deposit of KRW 2 billion has been made on January 27, 2014 and the remaining balance of KRW 8 billion will be made on February 28, 2014. The entire stocks will be delivered as soon as the remaining balance payment is completed. The contract will be nullified if Samwhan Corporation cannot get the approval from the liability financial institution board of Samwhan Camus Co., Ltd. until March 28, 2014, and the payment date of the balance mentioned above is the payment to be made after the approval mentioned above. As of February 28, 2014, it was announced that the expected closing of the transaction has been postponed to March 28, 2014. Samjong KPMG Advisory Inc. acted as the financial advisor to Samwhan Corporation.
Gwangan Distribution Co., Ltd, Myoungdong AMC Co., Ltd and Songwon Co., Ltd completed the acquisition of 49.58% stake in Samwhan Camus Co., Ltd. (KOSE:A013700) from Samwhan Corporation (KOSE:A000360) on March 24, 2014.
CAMUS ENGINEERING & CONSTRUCTION Inc., formerly SAMWHAN CAMUS CO., LTD is a Korea-based company mainly engaged in the construction business. The Company is involved in the construction of residential buildings construction, office buildings and commercial buildings, and reconstruction business and others. It also operates civil engineering business, which engages in the construction of roads, tunnels, subways, railways and others. It also engages in the manufacture and distribution of precast concretes (PCs) used in construction. In addition, the Company involves in the real estate leasing business. Its main clients are Korea Land and Housing Corporation, Halla Engineering and Construction Corporation, Citibank, Hyundai Capital Services, Inc. and others.
Gwangan Distribution Co., Ltd, Myoungdong AMC Co., Ltd and Songwon Co., Ltd completed the acquisition of 49.58% stake in Samwhan Camus Co., Ltd. from Samwhan Corporation.