Korea Parts & Fasteners Co.,Ltd cancelled the acquisition of 40.56% stake in SBB Tech Co., Ltd.
September 16, 2019
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Korea Parts & Fasteners Co.,Ltd (KOSDAQ:A024880) agreed to acquire 40.56% stake in SBB Tech Co., Ltd for KRW 12.1 billion on September 17, 2018. Under the terms, Korea Parts & Fasteners will acquire 0.09 million equity shares and 0.12 million redeemable convertible preferred stock of SBB Tech. The transaction has been resolved by the Board of Directors of Korea Parts & Fasteners Co.,Ltd at the meeting held on September 17, 2018. The transaction is expected to be completed by October 15, 2018. As on October 15, 2018, the deal is expected to close on October 22, 2018. As of October 19, 2018, the transaction is expected to be completed on October 19, 2018. The transaction for common stock is expected to be completed on October 18, 2018 and for redemption convertible preferred stock, the transaction is expected to be completed on October 19, 2018.
Korea Parts & Fasteners Co.,Ltd (KOSDAQ:A024880) cancelled the acquisition of 40.56% stake in SBB Tech Co., Ltd on September 17, 2019.
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 
