Beijing Yimaoyi E-commerce Co., Ltd. cancelled the acquisition of Sehwa Polytech Opto-Electronics Hi-Tech Co., Ltd from SPOLYTECH Co., Ltd..
October 30, 2018
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Beijing Yichang Investment Co., Ltd. and Beijing Tenglong Huamao Economic & Trade Co., Ltd signed a contract to acquire Sehwa Polytech Opto-Electronics Hi-Tech (Beijing) Co., Ltd from SPOLYTECH Co., Ltd. (KOSDAQ:A050760) for KRW 15.2 billion in cash on August 10, 2016. Under the terms, deposit will be made within 5 business days after the contract; for second payment, an assessment within 15 business days after deposit payment and second payment will be made within 5 business days after the assessment and balance will be made within 5 business days after the Chinese government approval. Beijing Yichang Investment Co., Ltd. and Beijing Tenglong Huamao Economic & Trade Co., Ltd will buy 70% and 30% respectively. As per the amendment of January 23, 2017, Beijing Yimaoyi E-commerce Co., Ltd will now acquire Sehwa Polytech Opto-Electronics Hi-Tech (Beijing) Co., Ltd. from SPOLYTECH Co., Ltd. The amount that Beijing Yichang Investment Co., Ltd. and Beijing Tenglong Huamao Economic & Trade Co., Ltd already paid will be transferred to joint management account which was newly opened after the supplementary change contract signing. Sehwa Polytech Opto-Electronics Hi-Tech (Beijing) Co., Ltd reported total assets of KRW 9.95 billion as at December 31, 2015. Sehwa Polytech Opto-Electronics Hi-Tech (Beijing) Co., Ltd reported sales amount of KRW 475 million and net loss of KRW 8.23 billion or the year ending December 31, 2015.
Resolution date of SPOLYTECH's board of directors is August 10, 2016. Scheduled date of sale is February 28, 2017. Pursuant to the amendment of January 23, 2017, the transaction is expected to close on April 28, 2017. As per the amendment report dated April 28, 2017, the transaction is now expected to be completed by July 31, 2017. As per the amendment report dated July 28, 2017, the transaction is now expected to be completed by October 31, 2017. As per the amendment report dated October 31, 2017, the transaction is now expected to be completed by January 31, 2018. As per the amendment report dated January 31, 2018, the transaction is now expected to be completed on April 30, 2018. The scheduled acquisition date has been amended due to delay in approval of Chinese government. As per the amendment report dated April 30, 2018, the deal is expected to close on May 17, 2018, due to postponement from buy-side. As per the amendment report dated May 17, 2018, the deal is expected to close on October 31, 2018.
Beijing Yimaoyi E-commerce Co., Ltd. cancelled the acquisition of Sehwa Polytech Opto-Electronics Hi-Tech (Beijing) Co., Ltd from SPOLYTECH Co., Ltd. (KOSDAQ:A050760) on October 31, 2018.
SPOLYTECH CO., LTD. is a Korea-based company mainly engaged in the manufacturing of engineering plastic products and optical sheets and films. The Company mainly produces polycarbonate (PC) sheets and polymethylmethacrylate (PMMA) sheets, used for soundproof walls and boards; light guided panels (LGPs), used for thin film transistor-liquid crystal displays (TFT-LCDs); diffuser panels, used for LCD televisions (TVs); PC films, used for electronics, displays, ski goggles, sun caps and others; PMMA films, used for sign boards, title boards, and PC hollow sheets, used for green houses, vegetable gardens and playgrounds. It also provides weather-ability sheets, heat resistant sheets, specialty films and others.