Korea Parts & Fasteners Co.,Ltd agreed to acquire 68.37% stake in TMC Co., Ltd. from Songhyun Holding Co., Ltd. for KRW 71.3 billion
May 16, 2021
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Korea Parts & Fasteners Co.,Ltd (KOSDAQ:A024880) agreed to acquire 68.37% stake in TMC Co., Ltd. from Songhyun Holding Co., Ltd. for KRW 71.3 billion on May 17, 2021. Under the terms, Korea Parts & Fasteners will acquire 13,499,215 shares of TMC and pay the consideration in cash. Down payment of KRW 7.5 billion was payed on the date of contract conclusion of May 17, 2021, Intermediate payment of KRW 17.5 billion will be paid on My 31, 2021 and the balance amount of KRW 46.3 billion will be at the end of transaction. The consideration raised from the self-owned funds. Post completion, Korea Parts & Fasteners will hold 68.37% stake in TMC. The Board of Korea Parts & Fasteners resolved this transaction on May 17, 2021. And the transaction is expected to close on July 2, 2021.
Korea Parts & Fasteners is a Korea-based company engaged in the manufacturing and distribution of bolts, nuts and other forging products. The Companyâs products portfolio consists of high torque (H/T) bolts, tensile control (T/C) bolts, structural bolts and couplings, which are used in construction works; heavy hex bolts, heavy hex nuts and stud bolts, which are used in petrochemical plants; flange nuts, flange screws, castle nuts, cylinder head bolts and others, which are used in heavy equipment; bearing inner and outer races, gear blanks, pinion gears and others, which are used for automobiles, as well as foundation anchor bolts, barrel nuts and others, which are used in wind power plants. The Company also involves in the building leasing business.
KOREA PARTS & FASTENERS CO.,LTD 
