Nature & Environment Co., Ltd. cancelled the acquisition of 83.97% stake in Ecobio Co., Ltd.
May 29, 2013 at 12:00 am EDT
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Nature & Environment Co., Ltd. (KOSE:A043910) agreed to acquire 83.97% stake in Ecobio Co., Ltd. for KRW 3.4 billion on March 23, 2012. Nature & Environment will acquire 0.81 million shares of Ecobio. The deal is funded from buyback of shares of Nature & Environment Co., Ltd. For the year ended December 31, 2011, Ecobio had total assets worth KRW 2.686 billion, total liabilities worth KRW 1.132 billion, total stockholders' equity worth KRW 1.554 billion, sales revenue worth KRW 2.364 billion and net profit worth KRW 404 million. The Board of Directors of Nature & Environment passed a resolution for the transaction on March 23, 2012. The transaction is expected to complete on July 31, 2012. As of July 31, 2012, transaction is expected to complete on November 30, 2012.
Nature & Environment Co., Ltd. (KOSE:A043910) cancelled the acquisition of 83.97% stake in Ecobio Co., Ltd. on May 29, 2013.
Nature & Environment Co., Ltd. is a Korea-based company engaged in the steel business and environmental restoration businesses. Its steel business provides stainless steel pipes and other steel products, which are used for piping, boilers, heat exchangers and others. Its environmental restoration business includes restoration business, which produces geo green cells, blocks, walls and others used in river restoration constructions; landscaping business, which mainly provides grass for landscaping constructions, and water business, which provides water, soil and lakes purification services.
NATURE & ENVIRONMENT CO.,LTD. 