MH Ethanol Co., Ltd. (KOSE:A023150) agreed to sell an 80% stake in CJ Cambodia Co., Ltd. for KRW 12.8 billion on January 21, 2014. MH Ethanol Co. will sell 1.89 million shares and approximately 0.47 million preferred shares, thereby reducing its holding to a 20% stake. A deposit of 10% and balance of 90% will be received on January 21, 2014 and March 20, 2014 respectively. The buyer will purchase the remaining stake from MH Ethanol Co. after five years of completion of the transaction. The Board of Directors of MH Ethanol Co. made a resolution in favor of the transaction on January 21, 2014. The transaction is expected to close on March 20, 2014.
MH Ethanol Co., Ltd. (KOSE:A023150) completed the sale of an 80% stake in CJ Cambodia Co., Ltd. on March 20, 2014.
MHEthanol Co Ltd is a Korea-based company primarily engaged in the manufacture and sale of alcohol. The Company operates its business through two segments. The Alcohol Business segment produces alcohol. The alcohol is primarily used as a raw material for soju. The Golf Course Business segment provides golf course operation services. The Company sells its products in domestic and overseas markets.
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