Wobi International Limited cancelled the acquisition of additional 11.22% stake in Castec Korea Co.,Ltd from Sang-Weon Yun.
August 30, 2018
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Shanghai Wobi Investment & Advisory Corporation signed a contract to acquire 11.22% stake in Castec Korea Co.,Ltd (KOSDAQ:A071850) from Sang-Weon Yun for KRW 16.7 billion on May 9, 2018. Under the terms of transaction, Shanghai Wobi Investment & Advisory Corporation will acquire 1.4 million shares at KRW 0.01 million each; and will pay the consideration on closing date. Wobi International Limited signed a revised contract to acquire additional 11.22% stake in Castec Korea Co.,Ltd (KOSDAQ:A071850) from Sang-Weon Yun for KRW 15.3 billion as per the amendment report on July 23, 2018. Under the revised terms, Wobi International Limited will pay KRW 0.01 million per share in which deposits of KRW 500 million will paid on July 23, 2018 and the remaining balance of KRW 14.8 billion will be paid on August 16, 2018. The transaction is expected to be completed by July 23, 2018. As per the amendment report on July 23, 2018, the transaction is expected to be completed by August 16, 2018. As of August 16, 2018, the transaction is expected to close on August 31, 2018.
Wobi International Limited cancelled the acquisition of additional 11.22% stake in Castec Korea Co.,Ltd (KOSDAQ:A071850) from Sang-Weon Yun on August 31, 2018. Deal was cancelled as the remaining amount of KRW 14.8 billion was not paid till August 31, 2018.
CASTEC KOREA CO.,LTD is a Korea-based company principally engaged in the manufacture and distribution of automobile parts. The Companyâs products portfolio consists of turbo charger system parts, such as turbine housings and center housings, air conditioner compressor parts, electrical parts, such as scroll and rotary parts, cylinders, main bearings, cranks shafts and others, automotive parts, pump and motor parts, as well as other automobile parts, such as braking disks, caliper housing, knuckles and others. It distributes its products within domestic market and to overseas markets.