Sejin Heavy Industries Co., Ltd. ah=greed to acquire the remaining 55% stake in Jitech Co., Ltd. for KRW 12.5 billion.
December 28, 2020
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Sejin Heavy Industries Co., Ltd. (KOSE:A075580) agreed to acquire the remaining 55% stake in Jitech Co., Ltd. for KRW 12.5 billion on December 29, 2020. Under the terms of the transaction, Sejin Heavy Industries Co., Ltd. will acquire the remaining 1.1 million shares in Jitech Co., Ltd. Upon completion, Sejin Heavy Industries Co., Ltd. will own 100% stake in Jitech Co., Ltd. For the year ended December 31, 2019, Jitech Co., Ltd. reported total assets of KRW 47 billion, total common equity of KRW 1.1 billion, total revenue of KRW 0 and net income of - KRW 6 million. The transaction is resolved by the Board of Sejin Heavy Industries Co., Ltd. The transaction is expected to close on December 29, 2020.
Sejin Heavy Industries Co Ltd is a Korea-based company mainly engaged in the manufacture of ship components. The Company operates its business through two segments. The Shipbuilding segment manufactures deck houses including engine casings, funnels, radar masts and wing bridges, liquefied petroleum gas (LPG) tanks, upper deck units for crude oil tankers, product carriers, chemical tankers and LPG carriers, ring blocks, gorgons, engine rooms and others. The Plant segment manufactures living quarters, burner booms, flare towers and clare ridges. The Company distributes its products in domestic and overseas markets.
SEJIN HEAVY INDUSTRIES CO., LTD. 
