Pumyang Construction Co., Ltd. completed the acquisition of Korea Logistics Corp. from The Military Mutual Aid Association Co., Ltd.
December 15, 2015
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Pumyang Construction Co., Ltd. (KOSE:A002410) signed a memorandum of understanding to acquire Korea Logistics Corp. from The Military Mutual Aid Association Co., Ltd. for KRW 15.3 billion in cash on July 15, 2015. Pumyang Construction Co., Ltd. entered into a contract to acquire Korea Logistics Corp. on August 17, 2015. Pumyang Construction will acquire 0.06 million shares of Korea Logistics Corp. Pumyang Construction paid KRW 1.5 billion on August 17, 2015 and will pay the remaining balance of KRW 13.74 billion on November 14, 2015. Korea Logistics Corp. reported total assets of KRW 31.38 billion, total liabilities of KRW 11.28 billion, revenues of KRW 5.06 billion and net profit of KRW 962 million in 2014. The Board of Pumyang Construction passed a resolution for the transaction on August 17, 2015. The transaction is expected to complete on November 14, 2015. As of November 13, 2015, the transaction is expected to complete on December 11, 2015. Barun Accounting Corporation acted as the external valuation agency.
Pumyang Construction Co., Ltd. (KOSE:A002410) completed the acquisition of Korea Logistics Corp. from The Military Mutual Aid Association Co., Ltd. on December 16, 2015.
BUMYANG CONSTRUCTION CO.,LTD, formerly PUMYANG CONSTRUCTION CO.,LTD. is a Korea-based company engaged in the construction business. The Company operates its business through architecture division, civil engineering work division. Its architecture division engages in the construction of public facilities, education facilities, residential complexes, hotels, business centers and others. Its civil engineering work division engages in the construction of roads, express ways, bridges, subways, railways, as well as water and sewage treatment works and landscaping works. It was also involved in the international public building, project management and construction businesses.