An unknown buyer completed the acquisition of a 15.7% stake in DS-Power Co., Ltd. from Daesung Industrial Co., Ltd. for KRW 36 billion.
March 28, 2018
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An unknown buyer agreed to acquire a 29% stake in DS-Power Co., Ltd. from Daesung Industrial Co., Ltd. (KOSE:A128820) for KRW 60.9 billion on April 13, 2017. As per terms, 7.2 million shares will be acquired. Post completion, Daesung Industrial Co., Ltd. will not hold any stake in DS-Power Co., Ltd. On February 27, 2018, the terms of the transaction were amended. Daesung Industrial Co., Ltd. will now transfer 3.9 million shares for KRW 36 billion. Upon completion, Daesung Industrial Co., Ltd. will hold 3.29 shares in DS-Power Co., Ltd. For the year ended December 31, 2016, DS-Power Co., Ltd. reported total assets of KRW 719.9 billion, sales of KRW 276.3 billion and net loss of KRW 9.6 billion.
The Board of Directors of Daesung Industrial Co., Ltd. resolved the transaction on April 13, 2017. The transaction was approved by the Electricity Committee on April 28, 2017. The transaction is expected to close on May 31, 2017. As of May 31, 2017, the transaction is expected to close on June 30, 2017. As of June 30, 2017, the transaction is expected to close on July 31, 2017. As of July 26, 2017, the transaction is expected to close on September 30, 2017. As per an amendment on September 29, 2017, the transaction is expected to close on October 31, 2017. On October 18, 2017, the transaction received the approval of Fair Trade Commission. As of October 31, 2017, the transaction is expected to close on December 31, 2017. As of December 29, 2017, the transaction is expected to close on June 30, 2018. As of February 27, 2018, the transaction is expected to close on February 27, 2018.
An unknown buyer completed the acquisition of a 15.7% stake in DS-Power Co., Ltd. from Daesung Industrial Co., Ltd. (KOSE:A128820) for KRW 36 billion on March 1, 2018.
Daesung Industrial Co., Ltd. is a Korea-based company mainly engaged in the distribution of petroleum gas. It operates its businesses through four segments. It oil/gas segment operates gas stations and charging stations, selling oils and other gases, as well as develops oil and gas fields in overseas mining lots. Its construction segment constructs residential, commercial and industrial buildings, including apartments, offices, hotels, theaters, factories and others. Its distribution segment operates complex shopping town, including department stores, hotels, musical theaters and others. Its other segment involves in the cogeneration business, providing local heat, steam and electricity; provision of gas meters, gas boilers and hydraulic valves used for agricultural machineries; computer system integration, as well as coal mining. On December 4, 2013, it transferred all the asset and debts of Kojen Business Unit to DS POWER CO,.LTD.
DAESUNG INDUSTRIAL CO., LTD. 
