Tailim Packaging Industrial Co., Ltd. cancelled the acquisition of remaining 50% stake in Donglim Logistics Co., Ltd.
May 07, 2016
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Tailim Packaging Industrial Co., Ltd. (KOSE:A011280) agreed to acquire remaining 50% stake in Donglim Logistics Co., Ltd. for approximately KRW 350 million in cash on May 8, 2015. A definitive agreement will be signed on May 8, 2015. Tailim Packaging will acquire 0.04 million shares of Donglim Logistics. After the transaction, Tailim Packaging Industrial will hold 100% stake in Donglim Logistics. Donglim Logistics reported total assets of KRW 1.45 billion, total stockholders' equity of KRW 1.02 billion, sales revenue of KRW 4.07 billion and net profit of KRW 66 million in 2014. The transaction shall be completed upon completion of respective conditions precedent. The Board of Tailim Packaging Industrial passed a resolution for the transaction on May 8, 2015.
As of May 11, 2015, the share transaction amount and share transfer completion period is the completion period of several condition precedent of equity transaction (hosting extraordinary meeting of shareholders for executive election, etc.) of the buyer IMM Rose Gold Private Equity Fund II and the seller Jung, Dong-Sup and 8 other individuals, which were disclosed on May 06, 2015. Tailim Packaging Industrial Co., Ltd. will disclose once the transaction scheduled date is confirmed. As of July 9, 2015, the scheduled acquisition date has been changed to July 9, 2015.
Tailim Packaging Industrial Co., Ltd. (KOSE:A011280) cancelled the acquisition of remaining 50% stake in Donglim Logistics Co., Ltd. on May 8, 2016.
Tailim Packaging Co., Ltd, formerly Tailim Packaging Industrial Co., Ltd., is a Korea-based company principally engaged in the manufacturing and sale of corrugated boxes. Along with its subsidiaries, the Company operates its business through three segments. Corrugated Boxes segment manufactures and sells boxes, materials and by-products. Corrugated Papers segment manufactures and sells test liner papers, corrugating medium papers and tube papers, also does waste disposal. Freight Transportation segment operates the transportation of goods. The Company distributes its products within domestic market and to overseas markets.