Sunchang Corporation completed the acquisition of 77.48% stake in Darin Co.,Ltd from Jung-soo Kim, Tae-Hyun Kim, Kyung-sook Lee and Cha-Moon Yang for KRW 30.35 billion.
March 31, 2015 at 12:00 am
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Sunchang Corporation (KOSE:A002820) signed a contract to acquire 80% stake in Darin Co.,Ltd from Jung-soo Kim, Tae-Hyun Kim, Kyung-sook Lee and Cha-Moon Yang for KRW 31.3 billion on January 30, 2015. Sunchang Corporation will acquire 6.35 million shares of Darin Co.,Ltd representing 80% stake. Under the terms of the deal, Sunchang Corporation will pay KRW 3.1 billion within 3 business days from the contract signing date and balance payment will be made within 15 business days following the various contract condition completion on the day that the concerned parties agreed on and this may be adjusted according to the settlement of accounts assessment increase or decrease of the assets. The transaction is expected to close by March 31, 2015. PWC acted as financial advisor to Sunchang. Kwang Soo Lee, Chang Hyun Cheon, Joun Woo Park, Young Ju Lee and Eun Yeong Choi of One Law Partners, LLC acted as legal advisors for Sunchang Corporation.
Sunchang Corporation (KOSE:A002820) completed the acquisition of 77.48% stake in Darin Co.,Ltd from Jung-soo Kim, Tae-Hyun Kim, Kyung-sook Lee and Cha-Moon Yang for KRW 30.35 billion on March 31, 2015. Sunchang acquired 6.15 million shares of Darin Co. Sunchang acquired 5.91 million shares from Jung-soo Kim, 0.19 million shares from Tae-Hyun Kim, 0.04 million shares from Kyung-sook Lee and 0.01 million shares from Cha-Moon Yang.
Sun&L Co Ltd, formerly Sunchang Corp, is a Korea-based company mainly engaged in the manufacturing and sale of wood products. The Company operates its business through three segments. The Wood segment provides products such as plywood, medium-density fiberboards (MDFs), high density fiberboards (HDFs), lumber, particle boards (PBs) and other products. The Furniture segment is engaged in the production of wooden windows, furniture and interiors. The Other segment is involved in real estate leasing, forest development, other plastics manufacturing industries and others. The Company mainly distributes its products within domestic market.
Sunchang Corporation completed the acquisition of 77.48% stake in Darin Co.,Ltd from Jung-soo Kim, Tae-Hyun Kim, Kyung-sook Lee and Cha-Moon Yang for KRW 30.35 billion.