DS Networks Co., Ltd. cancelled the acquisition to acquire 82.57% stake in Smarty Savings Bank from Dayou Plus Co., Ltd. and Dayou A-Tech Co.,Ltd.
September 28, 2017
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DS Networks Co., Ltd. signed a memorandum of understanding to acquire 82.57% stake in Smarty Savings Bank from Dayou Plus Co., Ltd. (KOSE:A000300) and Dayou A-Tech Co.,Ltd (KOSE:A002880) for KRW 80 billion on September 11, 2017. Under the terms of the transaction, DS Networks Co., Ltd. will acquire approximately 1.39 million shares representing 41.04% stake from Dayou A-Tech Co.,Ltd and approximately 1.4 million shares representing 41.53% stake from Dayou Plus Co., Ltd. The execution guarantee deposit in relation to memorandum of understanding of KRW 8 billion will be deposited into the escrow account on September 12, 2017. Board of Directors resolved the transaction on September 11, 2017.
DS Networks Co., Ltd. cancelled the acquisition to acquire 82.57% stake in Smarty Savings Bank from Dayou Plus Co., Ltd. (KOSE:A000300) and Dayou A-Tech Co.,Ltd (KOSE:A002880) on September 29, 2017. As mutual agreement was not reached between the parties, this memorandum of understanding has lost its validity.
DAYOU PLUS CO.,LTD, formerly DAYOU SMART ALUMINIUM CO.,LTD is a Korea-based company mainly engaged in the original equipment manufacture (OEM) of aluminum wheels and steering wheels used for automobiles. The Company's main clients include Hyundai Motor Company, GM Korea, Kia Motors and others.