KCTC Co. Ltd cancelled the acquisition of Changwon Steel Co., Ltd. from Sejoong Co., Ltd..
November 07, 2018
Share
KCTC Co. Ltd (KOSE:A009070) agreed to acquire Changwon Steel Co., Ltd. from Sejoong Co., Ltd. (KOSDAQ:A039310) for KRW 14 billion on November 8, 2017. KCTC will acquire 1 million shares and the consideration will be paid in installments, of the KRW 14 billion, KRW 2.2 billion will be paid on contract date, KRW 8.8 billion will be paid on closing, KRW 1 billion will be paid on January 31, 2019 and KRW 2 billion will be paid on January 31, 2020. Post transaction, Sejoong Co., Ltd. will not own any shares of Changwon Steel. Changwon Steel Co., Ltd reported total assets of KRW 22.5 billion and net assets of KRW 19.7 billion as of August 1, 2017. The transaction is subject to approval from Fair Trade Commission. The transaction is resolved by the Board of Sejoong Co., Ltd and is expected to complete on December 29, 2017. Saesidae Accounting Corporation acted as external rating institution.
KCTC Co. Ltd (KOSE:A009070) cancelled the acquisition of Changwon Steel Co., Ltd. from Sejoong Co., Ltd. (KOSDAQ:A039310) on November 8, 2018.
SEJOONG CO., LTD. is a Korea-based company engaged in the tour and logistics businesses. Through the tour business, the Company provides airline tickets, domestic and overseas tour products, tour information as well as hotel booking, insurance and car rental services. Through the logistic business, it provides ground transportation and storage services for semiconductors, white appliances, mobile phones from factories to central distribution centers (CDCs) or regional distribution centers (RDCs). It also involves in the ground and marine transportation of steel products. In addition, the Company engages in the software distribution business, business process outsourcing (BPO) and other businesses through its subsidiaries.