Soosung Innovation Co., Ltd. cancelled the acquisition of 8.05% stake in Hanshin Motor Company from Hee-joo Shin.
August 02, 2022
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Soosung Innovation Co., Ltd. (KOSDAQ:A084180) agreed to acquire 8.05% stake in Hanshin Motor Company from Hee-joo Shin for KRW 3 billion on December 22, 2021. Soosung Innovation Co. will acquire 3,740 shares of Hanshin Motor Company in the deal. An amount of KRW 2.7 billion will be paid on December 22, 2021, and the balance amount will be paid on January 5, 2022. As per the terms of the deal, Soosung Innovation Co., Ltd. will also acquire 7,500 new shares of Hanshin Motor Company in a capital increase transaction. Post-completion of both the transactions, Soosung Innovation Co., Ltd. will own 20.82% stake in Hanshin Motor Company. Hanshin Motor Company had total assets of KRW 2.5 billion, net assets of KRW 1.1 billion, sales of KRW 3 billion and net income of KRW 39 million for the year ended December 31, 2020. The Board of Soosung Innovation Co., Ltd. has resolved the deal on December 22, 2021. The deal is expected to close on February 23, 2022.
Soosung Innovation Co., Ltd. (KOSDAQ:A084180) cancelled the acquisition of 8.05% stake in Hanshin Motor Company from Hee-joo Shin on August 3, 2022.
Soosung Webtoon Co Ltd, formerly Soosung Salvacion Co Ltd, is a Korea-based company principally engaged in the manufacture and distribution of industrial trucks and transfer machines. The Companyâs products include electric forklift trucks, scissors lifts, personnel lifts, platform trucks, pallet trucks, stackers, drum handling equipment, lift tables, dock levelers, golf cars, utility cars, diesel forklift trucks and other related products. The Company distributes its products within domestic market and to the overseas markets, including America, Europe, Africa and Oceania, among others.
SOOSUNG WEBTOON CO., LTD. 
