A group of investors cancelled the acquisition of Namkwang Engineering & Construction Co., Ltd..
September 16, 2016 at 12:00 am EDT
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A group of investors signed a memorandum of understanding to acquire Namkwang Engineering & Construction Co., Ltd. (KOSE:A001260) for KRW 32 billion on September 16, 2015. The group of investors includes Sei Woon Construction Co., Ltd., Hansol Construction Co., Ltd, Gunjin Construction Co., Ltd., Oil Land Co., Ltd, and three individuals. The memorandum of understanding will take effect upon approval of the rehabilitation court (Seoul Local Court Bankruptcy) and the signing of memorandum of understanding. The memorandum of understanding will lose effect in case of withdrawal of memorandum of understanding or signing of investment contract, failure to have investment contract signed until the designated period and after three months from the signing date of memorandum of understanding. As on November 3, 2015, the transaction was approved by the Seoul Local Court Bankruptcy. As on November 4, 2015, the group of investors signed an investment contract for the acquisition.
A group of investors cancelled the acquisition of Namkwang Engineering & Construction Co., Ltd. (KOSE:A001260) on September 16, 2016.
NAMKWANG ENGINEERING & CONSTRUCTION CO.,LTD is a Korea-based company engaged in the construction business. The Company operates its business under five main divisions: architecture, civil engineering work, structural steel, overseas and plant. Its architecture division constructs residential buildings, commercial buildings and office buildings, as well as sells housings. Its civil engineering work division constructs bridges, railroads, harbors, roads and others. Its structural steel division constructs steel structures for buildings, bridges and others. Its overseas division involves in the construction and engineering works in Philippines and Democratic People's Republic of Korea (DPRK). Its plant division constructs power plants, energy plants, petrochemical plants and environmental plants.
NAMKWANG ENGINEERING & CONSTRUCTION CO., LTD. 
