Charm Engineering Co.,Ltd. cancelled the acquisition of 6.2% stake in Shinhan Heavy Industries Co.,Ltd.
September 22, 2017
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Charm Engineering Co.,Ltd. (KOSE:A009310) agreed to acquire 6.2% stake in Shinhan Heavy Industries Co.,Ltd. for KRW 5.3 billion on September 23, 2016. Under the terms 0.095 million shares will be acquired at KRW 0.1 million per share. For the year ended December 31, 2016, Shinhan Heavy Industries Co.,Ltd. reported total assets of KRW 383.1 billion, sales of KRW 286.6 billion and net loss of KRW 53.8 billion. The board of directors of Charm Engineering Co.,Ltd. passed the resolution on September 23, 2016. The expected contract signing date and closing date of the transaction is September 26, 2016.
Charm Engineering Co.,Ltd. (KOSE:A009310) cancelled the acquisition of 6.2% stake in Shinhan Heavy Industries Co.,Ltd. on September 23, 2017.
Charm Engineering Co Ltd is a Korea-based company engaged in the manufacture and sale of repair equipment that repairs defects in the display panel process. The Company operates its business through two segments. The Domestic Business segment is engaged in the manufacture and sale of display panel repair equipment. It is a repair equipment that repairs defects that occur during the manufacturing process of display panels such as liquid crystal displays (LCDs), organic light emitting diodes (OLEDs), quantum dot-organic light emitting diodes (QD-OLEDs) and micro light emitting diodes (LEDs) using precision optics, lasers and ink modules. The Overseas Business segment is engaged in the provision of parts and equipment maintenance services to overseas customers of repair equipment in Mainland China and Vietnam. In addition, the Company is engaged in the operation of saving banks.
CHARM ENGINEERING CO.,LTD. 
