Daedong Co., Ltd. cancelled the acquisition of Suzhou Changjung Precision Co., Ltd.
November 18, 2014 at 11:00 pm EST
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Daedong Co., Ltd. (KOSE:A012860) agreed to acquire Suzhou Changjung Precision Co., Ltd. for approximately KRW 400 million on November 19, 2013. For the period ending December 2012, Suzhou Changjung Precision Co., Ltd. reported total assets of KRW 1.5 billion, net assets of KRW 348 million, total liabilities of KRW 1.15 billion, sales of KRW 4.24 billion and net loss of KRW 4 million. The transaction is resolved by Board of Directors of Daedong Co., Ltd. and is expected to close by December 9, 2013. As of December 9, 2013, the expected closing date has been postponed to December 31, 2013. As of December 31, 2013, the expected closing date has been postponed January 29, 2014.
Daedong Co., Ltd. (KOSE:A012860) cancelled the acquisition of Suzhou Changjung Precision Co., Ltd. on November 19, 2014.
MOBASE ELECTRONICS CO.,LTD., formerly SEOYON ELECTRONICS CO., LTD., is a Korea-based company mainly engaged in the manufacture of automobile components. The Companyâs products mainly consist of key sets, switches and electronic units, such as car locks, multi-function switches, power windows switches, smart key systems, remote keyless entries, immobilizer systems, body control modules and others. In addition, the Company is engaged in the manufacturing of components for magnesium die castings and digital door locks (DDLs). The Company distributes its products within domestic market and to overseas markets, including Japan, America, Germany and the People's Republic of China.
MOBASE ELECTRONICS CO.,LTD. 
