System and Application Technologies Co., Ltd. cancelled the acquisition of Nano Tech Limited Liability Company from Channel Technology, Inc.
September 09, 2016
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System and Application Technologies Co., Ltd. (KOSDAQ:A060540) agreed to acquire Nano Tech Limited Liability Company from Channel Technology, Inc. for KRW 2.2 billion in cash on September 10, 2015. The entire payment will be made on September 10, 2015 and the management rights will be transferred to System and Application Technologies immediately after the payment. Nano Tech Limited reported total assets of KRW 26.27 billion, sales of KRW 57.05 billion and net profit of KRW 742 million in the year 2014. The deal requires Vietnamese Investment corporation approval and was resolved by the Board of Directors of System and Application Technologies on September 10, 2015. The deal is expected to close by September 10, 2015.
System and Application Technologies Co., Ltd. (KOSDAQ:A060540) cancelled the acquisition of Nano Tech Limited Liability Company from Channel Technology, Inc. on September 10, 2016.
System and Application Technologies Co., Ltd. is a Korea-based company mainly engaged in the provision of industrial automation solutions together with its subsidiaries. The Company provides automation software and hardware, engineering services, software upgrade and maintenance services, system management services and consulting services. In addition, it produces control devices for communication equipment, such as code division multiple access (CDMA) repeaters, global system for mobile communication (GSM) repeaters, wideband CDMA (WCDMA) repeaters, wireless broadband (WiBro) repeaters, as well as phase noise detectors (PNDs), CDMA modules and others. It also involves in the building management and leasing business. On August 30, 2013, it acquired a 100% stake of Korea Traffic System Co., Ltd., a manufacturer of road meters.