Eagon Industrial Co., Ltd. completed the acquisition of remaining 46.35% stake in Blue Energy Co., Ltd. from BL One Co., Ltd. on November 30, 2015.
November 29, 2015
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Eagon Industrial Co., Ltd. (KOSE:A008250) agreed to acquire remaining 46.35% stake in Blue Energy Co., Ltd. from BL One Co., Ltd. for approximately KRW 350 million in stock on September 25, 2015. A merger contract will be signed on September 30, 2015. Eagon Industrial will issue 0.0030084 shares for each share of Blue Energy. Eagon Industrial will issue a total of 20,794 new shares. Eagon Industrial will survive and Blue Energy will be dissolved after the merger. Blue Energy Co., Ltd. reported total assets of KRW 10.12 billion, negative total capital of KRW 4.32 billion, operating revenues of KRW 40, operating loss of KRW 1.37 billion and net loss of KRW 1.37 billion in the year 2014. The Board of Directors of Eagon Industrial Co., Ltd passed a resolution for the transaction on September 25, 2015. The transaction is expected to be completed on November 30, 2015.
Eagon Industrial Co., Ltd. (KOSE:A008250) completed the acquisition of remaining 46.35% stake in Blue Energy Co., Ltd. from BL One Co., Ltd. on November 30, 2015.
EAGON INDUSTRIAL CO.,LTD. is a Korea-based company principally engaged in the manufacture of plywood products. The Company operates in three segments: lumber, plantation and energy. The lumber segment produces plywood and building materials such as plywood floorings, structural wood, engineering wood, boards and others used for furniture as well as construction interior and exterior materials. The plantation segment provides hardwood and veneers through its subsidiaries in Solomon Islands. The energy segment engages in the steam supply and power generation business providing vapor and electricity through its subsidiary Eagon Energy Co., Ltd. It also produces and markets wood pallets. The Company supplies its products within domestic market and to overseas markets.