Mirae Techwin Co., Ltd. and Mirae Korea Co., Ltd. entered into a shareholder sale agreement to acquire 82.57% stake in Smarty Savings Bank from Dayou Plus Co.,Ltd and Dayou A-Tech Co.,Ltd for KRW 70 billion.
October 21, 2019
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Mirae Techwin Co., Ltd. and Mirae Korea Co., Ltd. entered into a shareholder sale agreement to acquire 82.57% stake in Smarty Savings Bank from Dayou Plus Co.,Ltd (KOSE:A000300) and Dayou A-Tech Co.,Ltd (KOSE:A002880) for KRW 70 billion on October 22, 2019. The consideration includes down payment of KRW 20 billion on the next day of the contract. Mirae Techwin Co., Ltd. and Mirae Korea Co., Ltd. will acquire 2.8 million shares with 1.4 million shares from Dayou Plus Co.,Ltd and 1.39 million shares from Dayou A-Tech Co.,Ltd.
For the year ended December 31, 2018, Smarty Savings Bank reported net income of KRW 11.7 billion. As of December 31, 2018, Smarty Savings Bank reported total assets of KRW 680 billion and total capital of KRW 60 billion. The transaction is subject to approval of Financial Services Commission until January 20, 2020. The transaction was resolved on October 22, 2019. As on February 5, 2020, financial service commission approved the transaction.
DAYOU PLUS CO.,LTD, formerly DAYOU SMART ALUMINIUM CO.,LTD is a Korea-based company mainly engaged in the original equipment manufacture (OEM) of aluminum wheels and steering wheels used for automobiles. The Company's main clients include Hyundai Motor Company, GM Korea, Kia Motors and others.
Mirae Techwin Co., Ltd. and Mirae Korea Co., Ltd. entered into a shareholder sale agreement to acquire 82.57% stake in Smarty Savings Bank from Dayou Plus Co.,Ltd and Dayou A-Tech Co.,Ltd for KRW 70 billion.