Youngheung Iron & Steel Co., Ltd. completed the acquisition of remaining 31.37% stake in Sammok Kang Up Co., Ltd. from Shinyoung Asset Management Co., Ltd. and other shareholders.
April 04, 2016
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Youngheung Iron & Steel Co., Ltd. (KOSE:A012160) agreed to acquire remaining 31.37% stake in Sammok Kang Up Co., Ltd. (KOSDAQ:A158380) from Shinyoung Asset Management Co., Ltd. and other shareholders for KRW 4.4 billion on December 4, 2015. Under the terms of the transaction, Youngheung Iron & Steel will issue 1 share for 1.6115007 shares of Sammok Kang Up. A total of 16.4 million shares of Youngheung Iron & Steel will be issued as consideration. Post-acquisition, Sam Mok Kang Up will be dissolved and trade name of the surviving company will be Yonghung Steel Corporation.
A general meeting of stockholders of Youngheung Iron & Steel Co., Ltd. will be held on February 2, 2016. In the event Youngheung Iron & Steel Co., Ltd. does not get the approval of more than 2/3 of voting rights of the participated shareholders and more than 1/3 of total number of issued shares in the extra ordinary meeting of shareholders for the merger approval of Youngheung Iron & Steel Co., Ltd. and Sammok Kang Up Co., Ltd., the merger may be cancelled. The resolution date of Board of Directors of Youngheung Iron & Steel and Sammok Kang Up Co. is February 4, 2016. As of February 2, 2016, the deal was approved by the shareholders of Sammok Kang Up. The transaction is expected to close by April 5, 2016.
Youngheung Iron & Steel Co., Ltd. (KOSE:A012160) completed the acquisition of remaining 31.37% stake in Sammok Kang Up Co., Ltd. (KOSDAQ:A158380) from Shinyoung Asset Management Co., Ltd. and other shareholders on April 5, 2016.
YoungWire Co Ltd, formerly Young Heung Iron & Steel Co Ltd, is a Korea-based company engaged in the manufacturing of steel products. The Companyâs products consist of wire ropes, such as cross laid wire ropes, parallel laid wire ropes, non-rotating ropes, compacted wire ropes, swaged wire ropes, elevator wire ropes and others; wires, cables, low relaxation (LR) strands, prestressed concrete (PC) steel strands and cold drawn steel bars. In addition, the Company also produces automobile parts, such as coil springs and leaf springs. It also engages in the logistics business such as unloading, road freight, and transportation, as well as eco-friendly antirust packaging materials business. The Company distributes its products within domestic market and to overseas markets.
Youngheung Iron & Steel Co., Ltd. completed the acquisition of remaining 31.37% stake in Sammok Kang Up Co., Ltd. from Shinyoung Asset Management Co., Ltd. and other shareholders.
YOUNGWIRE CO., LTD. 
