Sun Machinery Co., LTD cancelled the acquisition to acquire 20.02% stake in Doowon Precision Industry Co., Ltd. from Beong-Chun Lee.
August 09, 2017
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Sun Machinery Co., LTD (XKON:A116100) agreed to acquire 20.02% stake in Doowon Precision Industry Co., Ltd. from Beong-Chun Lee for KRW 1.6 billion in cash on August 10, 2016. Sun Machinery will acquire 0.32 million shares in Doowon Precision. Doowon Precision Industry reported for previous year, total assets of KRW 39.6 billion, total liabilities of KRW 19.9 billion, total capital of KRW 19.6 billion, capital of KRW 7.9 billion, sales amount of KRW 85.7 billion and net loss of current period of KRW 7.9 million. Sun Machinery's Board passed resolution as on August 10, 2016. The transaction is expected to complete on August 26, 2016, and the scheduled acquisition date is also balance payment date.
Sun Machinery Co., LTD (XKON:A116100) cancelled the acquisition to acquire 20.02% stake in Doowon Precision Industry Co., Ltd. from Beong-Chun Lee on August 10, 2017.
Sun Machinery Co., LTD is a Korea-based company mainly engaged in the production and sale of automobile parts. The main products include exhaust gas recirculation housing, stabilizer cab mounting assemblies, hydraulic power brake assemblies, arm Idler assemblies. The hydraulic power brakes are major parts of the chassis segment of commercial vehicles such as large buses, trucks and specially designed vehicles. In addition, the Company is involved in the manufacturing and sale of commercial castings, forgings, as well as medical equipments such as electric beds. The Company distributes its products within the domestic market and to overseas markets, including America.
SUN MACHINERY CO., LTD 
