Xiamen Toonney Alloy Materials Co. Ltd. cancelled the acquisition of unknown majority stake in Soosan Machinery & Equipment Co., Ltd. from Soosan Heavy Industries Co., Ltd..
July 20, 2019
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Xiamen Toonney Alloy Materials Co. Ltd. agreed to acquire unknown majority stake in Soosan Machinery & Equipment (Xiamen) Co., Ltd. from Soosan Heavy Industries Co., Ltd. (KOSE:A017550) for CNY 76 million on July 21, 2018. The deal value will be paid in cash. Upon contract signing, CNY 8 million will be paid in sales amount reserve and the balance of CNY 68 million at the time of change registration application. For the year ending December 31, 2017, Soosan Machinery & Equipment (Xiamen) Co., Ltd. reported total assets of CNY 9.6 billion,total capital of CNY 9.4 billion, sales amount of CNY 777.5 million and net loss of CNY 373.3 million. The Board of Directors of Soosan Heavy Industries Co., Ltd. passed a resolution for the deal on July 21, 2018. The deal is expected to close on September 21, 2018. Samil PricewaterhouseCoopers acted as external rating institution on the deal.
Xiamen Toonney Alloy Materials Co. Ltd. cancelled the acquisition of unknown majority stake in Soosan Machinery & Equipment (Xiamen) Co., Ltd. from Soosan Heavy Industries Co., Ltd. (KOSE:A017550) on July 21, 2019.
SOOSAN HEAVY INDUSTRIES CO.,LTD is a Korea-based company engaged in the manufacture of hydraulic equipment and cranes. The Company operates its business through two segments: hydraulic equipment segment and crane segment. Its hydraulic equipment segment manufactures hydraulic breakers and hydraulic drills used for rock crushing and excavation. Its crane segment manufactures cranes, including telescopic cranes, articulated cranes, pedestal cranes and crane augers, which are used for loading and unloading goods and transportation. It also provides attachments, such as mini-crushers, multi-crushers, multi-processors, pulverizers and demolition grabs. The Company provides its hydraulic breakers and hydraulic drills under the brand name SB, ST, SQ and STD, and provides its cranes under the brand name SCS. The Company also involves in the real estate rental business.
SOOSAN HEAVY INDUSTRIES CO., LTD. 
