DaeHo P&C Co.,Ltd. completed the acquisition of remaining 99.99% stake in Dongbang Special Steel Co., Ltd. from DSP Co., Ltd. and other shareholders.
November 30, 2012 at 12:00 am
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DaeHo P&C Co.,Ltd. (KOSE:A021040) signed a statutory merger agreement to acquire remaining 99.99% stake in Dongbang Special Steel Co., Ltd. from DSP Co., Ltd. and other shareholders for KRW 26.6 billion in stock on September 6, 2012. DaeHo P&C will issue 2.4657833 shares for every share of Dongbang Special Steel. DaeHo P&C will issue 21.83 million shares as consideration. After the merger, DAEHO P&C will survive and DongBang Special Steel will be dissolved. Dongbang Special Steel reported total assets of KRW 121.89 billion and stockholders equity of KRW 7.73 billion as of December 2011. Board of Directors of DaeHo P&C and Dongbang Special resolved the transaction on September 6, 2012. On October 26, 2012, the transaction was approved by the shareholders of DaeHo P&C and Dongbang Special. The transaction is expected to close on November 30, 2012.
DaeHo P&C Co.,Ltd. (KOSE:A021040) completed the acquisition of remaining 99.99% stake in Dongbang Special Steel Co., Ltd. from DSP Co., Ltd. and other shareholders November 30, 2012.
DHSteel, formerly Daeho P&C Co Ltd, is a Korea-based company mainly engaged in the manufacturing and distribution of steel wires. The Company operates its business through two segments. The Wire Rod segment manufactures and sells cold heading quality (CHQ) wires, which are material for steel parts such as bolts, nuts, bearing balls and screws, used for automobile parts, general industrial machinery parts, and electronic parts. The Cold Drawn (CD) Bar segment produces and sells bars used as shafts for automobile parts and general industrial machinery parts. In addition, the Company manufactures and sells stainless wire, which is a steel material such as wire, spring and rope. The Company distributes its products within domestic market and to overseas markets.