Samyang Foods Co., Ltd. cancelled the acquisition of additional 34.42% stake Pruwell Co., Ltd.
August 10, 2012 at 12:00 am EDT
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Samyang Foods Co., Ltd. (KOSE: A003230) agreed to acquire additional 34.42% stake Pruwell Co., Ltd. for KRW 5.3 billion on August 10, 2011. Consideration will be paid as KRW 0.14 million per share for total number of 0.04 million shares. As a result Samyang will increase its holding from 45.2% to 79.62%. As at December 31, 2010, Pruwell Co., Ltd. had total sales of KRW 9.6 billion, total assets of KRE12.9 billion, net income of KRW 64.8 million and net assets of KRW 10.6 billion.
Samyang Foods Co., Ltd. (KOSE:A003230) cancelled the acquisition of additional 34.42% stake Pruwell Co., Ltd. on August 10, 2012.
SAMYANG FOODS CO., LTD. is a Korea-based company engaged in the manufacture and marketing of food products. The Company mainly produces instant noodles, including packet noodles, cup noodles and bowl noodles. There are various flavors of its noodles, such as beef, chicken, pork, shrimp, mushroom, hot and others. It also provides snacks, such as corn snacks and corn chips, as well as dairy products, soy sauce and soybean paste. In addition, through its subsidiary, the Company provides cardboards, which are used for the manufacture of boxes. The Company distributes its food products within domestic market and to overseas markets.
SAMYANG FOODS CO., LTD. 
