Hansung Elcomtec Co., Ltd. agreed to sell an unknown stake in AGM Mining Co., Ltd for $18.8 million.
August 06, 2012 at 12:00 am
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Hansung Elcomtec Co., Ltd. (KOSE:A037950) agreed to sell 70% stake in AGM Mining Co., Ltd for $27.5 million on August 6, 2012. Hansung Elcomtec will sell its entire shares in AGM Mining. Under the terms, Hansung Elcomtec will pay $0.5 million within 3 business days from the contract date, $2.5 million when micromine's assessment report is successfully filed, and the remaining balance of $24.5 million will be paid on September 30, 2012. The assessment report will be drawn up from August 10, 2012 and will be finished within 10-12 business days. The deal was resolved by Board of Directors on August 6, 2012 and is expected to close on September 30, 2012. The date for completion was changed to December 21, 2012. The consideration will be paid between October 29, 2012 to December 21, 2012. As of December 21, 2012, the transaction is expected to complete on May 30, 2013. As on May 15, 2013, Hansung Elcomtec agreed to sell an unknown stake in AGM Mining Co., Ltd for $18.8 million. The transaction was resolved by Board of Directors on May 14, 2013 and is expected to close on December 31, 2013. The conversions were made through www.oanda.com on May 15, 2013.
As of October 23, 2013, Hansung Elcomtec Co., Ltd. announced that, out of the total transaction value of $18.8 million, $3 million was already received, and the remaining balance which is $15.8 million is not yet been paid. As of January 2, 2014, it was announced that the scheduled closing date has been changed to March 31, 2014 and therefore the buyer did not pay the balance on the payment date December 31, 2013 thus the deposit $3 million will not be returned.
ELCOMTEC CO.,LTD is engaged in the provision of mobile phone parts. It offers mobile phone parts, including compact camera modules (CCMs), which receive optical signals from photo-optical sensors and change it to electronic signals and output as an image signals, as well as keypads, including plastic key type, steel special use stainless (SUS) key type and film key type. It also produces high-voltage condensers (HVCs) and light-emitting diode (LED) lighting products such as LED tunnel lights, LED ceiling lights, LED security lights and others. Through its subsidiary, the Company is involved in the overseas development of minerals such as gold. On March 27, 2014, it acquired a 100% stake in a Korea-based company, engaged in the manufacturing and sales of lens. On March 31, 2014, it sold its entire stake in AGM MINING CO.,LTD. On May 30, 2014, it acquired a 100% stake in a Korea-based company. On June 10, 2014, it acquired the entire share capital of Microptics Co Ltd.
ELCOMTEC CO., LTD 
