Shinsung Solar Energy Co.,Ltd. completed the acquisition of remaining 64.2% in Shinsung FA Co., Ltd..
January 01, 2017
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Shinsung Solar Energy Co.,Ltd. (KOSE:A011930) signed a contract to acquire remaining 64.2% in Shinsung FA Co., Ltd. (KOSE:A104120) for KRW 60.6 billion on September 28, 2016. Under the terms, 11.4 million shares will be acquired at KRW 5327.9 per share. The consideration comprises issuance of 22.4 million shares at KRW 2700 per share. The exchange ratio for the shares is 1:1.9733179. Post completion of the deal, Shinsung FA Co., Ltd. will get dissolved and operate as Shinsung Solar Energy Co.,Ltd. Juheon Kim and Ji-Seon Lee will be appointment as new Chief Executive Officer in place of Wan-Keun Lee on December 16, 2016. The board of directors of Shinsung Solar Energy Co.,Ltd. resolved the transaction on September 28, 2016. On November 11, 2016, the shareholders of Shinsung FA Co., Ltd. approved the deal. The transaction is expected to complete on December 31, 2016.
Shinsung Solar Energy Co.,Ltd. (KOSE:A011930) completed the acquisition of remaining 64.2% in Shinsung FA Co., Ltd. (KOSE:A104120) effective January 2, 2017.
SHINSUNG E&G Co.,LTD., formerly SHINSUNG SOLAR ENERGY CO., LTD., is a Korea-based company principally engaged in the solar power business. The Company operates its business through two divisions: solar power division and other business division. Its solar power division engages in the manufacturing solar cells, including single crystalline solar cells and multi crystalline solar cells, as well as solar modules and systems. Its other business division engages in the management of its subsidiaries and rental business.