Korea Autoglass Corporation (KOSE:A152330) won an auction to acquire 99% stake in Sambu Construction Industrial Co., Ltd. from Sambu Construction Co., Ltd. (KOSE:A001470) on November 16, 2016. For the year ended December 31, 2015 Sambu Construction Industrial Co., Ltd. reported total revenues of KRW 66.76 billion, total assets of KRW 73.16 billion, operating profit of KRW 15 billion and net loss of KRW 1.34 billion. The transaction is subject to be approved by the board of Sambu Construction Industrial Co., Ltd. The acquisition was approved by bankruptcy court.

The deal is expected to close within 2016. As of December 6, 2016 Sambu Construction Co., Ltd. will sell 0.405906 million shares of Sambu Construction Industrial Co., Ltd. As on December 30, 2016, the acquisition is expected to close on March 31, 2017. As per December 6, 2016, the sale of 0.41 million shares will take place on December 27, 2016.

As per the amendment report of December 20, 2016, the payment of the transaction will now be made on December 21, 2016. Deloitte Anjin LLC acted as valuer in the transaction.