A group of individuals signed a contract to acquire 60.2% stake in Daesung Fine Tech Co., Ltd. from Byung-Jun Kim, Heesoon Park, Geun-Pyo Park and Okdan Kim for KRW 50 billion.
August 02, 2016
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A group of individuals signed a contract to acquire 60.2% stake in Daesung Fine Tech Co., Ltd. (KOSDAQ:A104040) from Byung-Jun Kim, Heesoon Park, Geun-Pyo Park and Okdan Kim for KRW 50 billion on August 3, 2016. Under the terms of the deal, 3.2 million shares will be acquired at an offer per share of KRW 15,547. There is a deposit of KRW 8 billion on August 16, 2016 and a second payment of KRW 42 billion on extraordinary shareholders' meeting date on September 20, 2016. Byung-Jun Kim sold 514,571 shares as on August 16, 2016. As per the revised payment schedule, on September 19, 2016 a deposit of KRW 20 billion will be paid as deposit and KRW 22 billion will be paid on September 20, 2016. The transaction which was to close at September 20, 2016 is now expected to complete on September 19, 2016. On September 19, 2016 the expected closing is postponed to September 20, 2016.
Daesung Fine Tech. Co., Ltd is a Korea-based company principally engaged in the manufacture and sale of fine blanking molds. The Company operates its business through two segments. The Fine Blanking Business segment produces and distributes fine blanking products, such as door locks, seat recliners, brakes, safety belts, air conditioner disks, transmissions, clutch hub plates, molds and others, which are used as automobile parts. The Gangnam Renewable Energy Business segment manufactures products including solar water heaters and heat pumps.
A group of individuals signed a contract to acquire 60.2% stake in Daesung Fine Tech Co., Ltd. from Byung-Jun Kim, Heesoon Park, Geun-Pyo Park and Okdan Kim for KRW 50 billion.
DAESUNG FINETEC CO.,LTD. 
