Daehan Steel Co., Ltd. agreed to acquire an additional 11.8% stake in YK Steel Corp.
August 01, 2021
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Daehan Steel Co., Ltd. (KOSE:A084010) agreed to acquire an additional 11.8% stake in YK Steel Corp. on August 2, 2021. As reported, Daehan Steel Co., Ltd. will acquire existing 520,193 shares in in YK Steel Corp. for a cash consideration and 1,061,619 new shares in YK Steel Corp., resulting in an acquisition of a total of 1.581812 million shares at an acquisition amount of KRW 42.1 billion. Following the acquisition, Daehan Steel Co., Ltd. will own a total of 3.83 million shares in YK Steel Corp., representing 70% of the expanded share capital after share issuance. As of June 30, 2021, YK Steel Corp. reported total assets of KRW 333.3 billion and total equity of KRW The transaction is expected to close on August 23, 2021. The Board of Directors of Daehan Steel Co., Ltd. resolved the transaction on August 2, 2021.
Daehan Steel Co., Ltd. is a Korea-based company engaged in the manufacturing of steel products. The Company mainly produces steel bars, such as round steel bars and deformed steel bars, which are applied in construction of bridges, buildings, power plants and others. It also produces billets used as raw materials of steel bars, as well as bar-in-coils and wire rods. In addition, through its subsidiaries, it engages in the freight storage and transportation business, as well as development and leasing of non-residential buildings.