HLB Power Co., Ltd. completed the acquisition of remaining 30.21% stake in Ruby Co., Ltd.
September 11, 2017
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HLB Power Co., Ltd. (KOSDAQ:A043220) agreed to acquire remaining 30.21% stake in Ruby Co., Ltd. for approximately KRW 690 million on June 28, 2017. The contract will be signed on July 3, 2017. The merger ratio is 1:8.99833717. HLB Power Co., Ltd. will issue 0.43 million new shares as consideration. After the merger is completed, HLB Power Co., Ltd. will survive and Ruby Co., Ltd. will be dissolved. For the year ended December 31, 2016, Ruby Co., Ltd. reported revenues of KRW 553.5 million, total assets of KRW 2.18 billion, net loss of KRW 673.92 million and total capital of KRW 86.45 million. On July 28, 2017, the Board of Directors of HLB Power Co., Ltd. resolved to approve the deal. On June 29, 2017, Board of Directors resolved the transaction. The transaction is expected to complete on September 1, 2017. As of August 11, 2017, the transaction is expected to be completed on September 12, 2017. The merger registration date is September 12, 2017, the scheduled delivery date of new share certificates is September 25, 2017 and the scheduled listing date of new shares is September 26, 2017. Jiam Accounting Corporation acted as external rating institution.
HLB Power Co., Ltd. (KOSDAQ:A043220) completed the acquisition of remaining 30.21% stake in Ruby Co., Ltd. on September 12, 2017.
TS Nexgen Co Ltd, formerly HLB Power Co Ltd, is a Korea-based company principally engaged in the manufacture and sale of electrical equipment. The Company operates its business through five segments. The Damper segment is mainly engaged in the manufacture and sale dampers for ships, power plants and plant industrial facilities. The Busway segment is mainly engaged in the production and sale of busways for the transmission and distribution of production facilities and skyscrapers. The Energy Storage System (ESS) segment is mainly engaged in the manufacture and sale of electrical energy storage systems. The Lifeboat Inspection and After-Sales Service (A/S) segment is mainly engaged in the provision of inspection and after-sales services for lifeboats and others. The Other segment is involved in real estate development.