Hotel Hyundai Keumkang Co., Ltd. agreed to acquire an additional 1.33% stake in Daewon Kangup Co., Ltd. for KRW 7.3 billion.
November 08, 2012 at 11:00 pm
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Hotel Hyundai Keumkang Co., Ltd. agreed to acquire an additional 1.33% stake in Daewon Kangup Co., Ltd. (KOSE:A000430) for KRW 7.3 billion on November 6, 2012. Hotel Hyundai Keumkang Co., Ltd. is acquiring 0.83 million shares of Daewon Kangup Co., Ltd. representing 1.33% stake and post transaction will hold 5.07% stake. The transaction has been resolved by Board of Directors of Hotel Hyundai Keumkang Co., Ltd on November 6, 2012.
The deal is expected to close by November 7, 2012.
DaeWon Kang Up Co., Ltd is a Korea-based company engaged in the manufacturing and sale of automobile parts. The Company mainly produces springs and seats. Its spring products consist of suspension springs, which include leaf springs, coil springs, stabilizer bars, air springs, air suspension systems and pusher axle suspension kits, as well as precision springs, which consist of engine valve springs, auto-clutch return springs, wire springs, flat springs, information technology (IT) components, die springs and disk springs. Its seat products are comprised of seats for vehicles and trains. It also produces and exports spring and seat manufacturing equipment. On October 11, 2013, it established a new overseas subsidiary, namely DAEWON-AvtoVazAgregat Seats LLC, engaged in the production, assembly and sale of seat and seat system.