Mosaic Holdings Co.,Ltd. Pyungsan Partners Co., Ltd., BNC Partners Co., Ltd., Won OO, Han OO, Kang OO, Yoo OO, Lee OO and Oh OO entered into a contract to acquire 29.85% stake in Welcron Kangwon Co., Ltd. from Welcron Hantec Co.,Ltd. for KRW 14.1 billion.
November 14, 2019
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Mosaic Holdings Co.,Ltd. Pyungsan Partners Co., Ltd., BNC Partners Co., Ltd., Won OO, Han OO, Kang OO, Yoo OO, Lee OO and Oh OO entered into a contract to acquire 29.85% stake in Welcron Kangwon Co., Ltd. (KOSDAQ:A114190) from Welcron Hantec Co.,Ltd. (KOSDAQ:A076080) for KRW 14.1 billion on November 15, 2019. Mosaic Holdings will acquire 4.7 million shares at a price of KRW 3000 per share. As per the transaction, Mosaic Holdings Co.,Ltd. Pyungsan Partners Co., Ltd., BNC Partners Co., Ltd., Won OO, Han OO, Kang OO, Yoo OO, Lee OO and Oh OO will acquire 2 million shares, 1 million shares, 0.4 million shares, 0.32 million shares, 0.3 million shares, 0.27 million shares, 0.15 million, 0.13 million shares and 0.12 million shares respectively.
Out of total consideration, KRW 2 billion was paid November 15, 2019 and the balance amount will be paid on December 5, 2019. Welcron Kangwon had total assets of KRW 160 million, net liabilities of KRW 62 million, sales of KRW 868 million and net loss of KRW 76 million in year 2018. Transaction is expected to close on December 5, 2019.
Kangwon Energy Co Ltd, formerly Kangwon Co Ltd is a Korea-based company engaged in the manufacture and sale of industrial plant equipment. The Company operates its business through Industrial Plant Equipment segment. The Industrial Plant Equipment segment manufactures and sells industrial boiler equipment, chemical equipment, and environmental energy equipment, such as water pipe boilers, auxiliary power boilers, sulfur recovery equipment, thermal fluid boilers, and waste heat recovery equipment. The Company distributes its products in both domestic and overseas markets.
Mosaic Holdings Co.,Ltd. Pyungsan Partners Co., Ltd., BNC Partners Co., Ltd., Won OO, Han OO, Kang OO, Yoo OO, Lee OO and Oh OO entered into a contract to acquire 29.85% stake in Welcron Kangwon Co., Ltd. from Welcron Hantec Co.,Ltd. for KRW 14.1 billion.