System and Application Technologies Co., Ltd. completed the acquisition of 80% stake in Jeju Industry Company from Cheil HK Co., Ltd.
November 06, 2014 at 11:00 pm EST
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System and Application Technologies Co., Ltd. (KOSDAQ:A060540) agreed to acquire 80% stake in Jeju Industry Company from Cheil HK Co., Ltd for KRW 8.8 billion on October 24, 2014. System and Application Technologies will acquire 0.09 million shares of Jeju Industry. System and Application Technologies deposited KRW 1.1 billion on October 24, 2014 and will pay remaining KRW 7.7 billion on November 7, 2014. The purchase price will be funded through issuance of convertible bonds. Jejuindustry Company reported total assets of KRW 13.14 billion and total common equity of KRW 9.2 billion for the year ending April 30, 2014. Board of Directors of System and Application Technologies Co., Ltd. made a resolution in favor of the transaction on October 24, 2014. The transaction is expected to close on November 7, 2014. Nexia-Samduk acted as external evaluation agency in the transaction.
System and Application Technologies Co., Ltd. (KOSDAQ:A060540) completed the acquisition of 80% stake in Jeju Industry Company from Cheil HK Co., Ltd on November 7, 2014.
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.