Sungwoo Hitech Seonjang Co.,Ltd acquired 30% stake in Sungwoo Hitech Co., Ltd. from Myung-Keun Lee.
March 30, 2017
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Sungwoo Hitech Seonjang Co.,Ltd acquired 30% stake in Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) from Myung-Keun Lee on March 31, 2017. Under the terms of the transaction, Sungwoo Hitech Seonjang Co.,Ltd acquired 18 million shares of Sungwoo Hitech Co., Ltd. In a related transaction, Sungwoo Hitech Co., Ltd. participated in the capital increase of Sungwoo Hitech Seonjang Co.,Ltd. by issuance of new stock and distribution for benefit in kind method. Post-closing, Sungwoo Hitech Seonjang Co.,Ltd. will hold 18 million shares and Myung-Keun Lee will hold 3.4 million shares of Sungwoo Hitech Co., Ltd. The largest shareholder of Sungwoo Hitech Co., Ltd. changed from Myung-Keun Lee to Sungwoo Hitech Seonjang Co.,Ltd. There is no change in management rights due to the change in largest shareholder.
Sungwoo Hitech Seonjang Co.,Ltd completed the acquisition of 30% stake in Sungwoo Hitech Co., Ltd. (KOSDAQ:A015750) from Myung-Keun Lee on March 31, 2017.
SUNGWOO HITECH CO., LTD. is a Korea-based original equipment manufacturer (OEM) principally engaged in the provision of automobile components. The Companyâs products include bumper rails, side members, fender apron completes, center floor completes, hood assemblies, dash completes, floor panel components, package-tray centers, inner lowers, side sills, center pilers and others. It also involves in the distribution of steel products. The Company mainly distributes its products to Hyundai Motor Company, GM Daewoo Auto & Technology Company, KIA Motors Corporation and others.
SUNGWOO HITECH CO., LTD. 
