Elcomtec Co., Ltd. cancelled the acquisition of 70% stake in Asia Gold Mountain Mining Co., Ltd. for $18 million.
February 06, 2015 at 12:00 am EST
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Elcomtec Co., Ltd. (KOSDAQ:A037950) signed a contract to sell 70% stake in Asia Gold Mountain Mining Co., Ltd. for $18 million on April 10, 2014.
Elcomtec Co., Ltd. (KOSDAQ:A037950) cancelled the sale of 70% stake in Asia Gold Mountain Mining Co., Ltd. on February 6, 2015. The transaction was cancelled as 5% of the amount was not deposited within 30 days from the contract signing date.
ELCOMTEC CO.,LTD is engaged in the provision of mobile phone parts. It offers mobile phone parts, including compact camera modules (CCMs), which receive optical signals from photo-optical sensors and change it to electronic signals and output as an image signals, as well as keypads, including plastic key type, steel special use stainless (SUS) key type and film key type. It also produces high-voltage condensers (HVCs) and light-emitting diode (LED) lighting products such as LED tunnel lights, LED ceiling lights, LED security lights and others. Through its subsidiary, the Company is involved in the overseas development of minerals such as gold. On March 27, 2014, it acquired a 100% stake in a Korea-based company, engaged in the manufacturing and sales of lens. On March 31, 2014, it sold its entire stake in AGM MINING CO.,LTD. On May 30, 2014, it acquired a 100% stake in a Korea-based company. On June 10, 2014, it acquired the entire share capital of Microptics Co Ltd.
ELCOMTEC CO., LTD 
