Dae Won Chemical Co., Ltd. cancelled the acquisition of an unknown remaining stake in Daewon Chemical Vina Co., Ltd.
November 25, 2013 at 11:00 pm EST
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Dae Won Chemical Co., Ltd. (KOSE:A024890) agreed to acquire an unknown remaining stake in Daewon Chemical Vina Co., Ltd. for $5 million in cash on November 26, 2012. By resolution of Board of Directors, $3.5 million out of $5 million will be paid in cash and $1.5 million will be partially paid for replacement of existing loan of $3.76 million. For the period ending December 2011, Daewon Chemical Vina Co., Ltd. reported total assets of KRW 15.9 billion ($13.69 million), total liabilities of KRW 18.9 billion ($16.26 million), net liabilities of ($2.57 million), sales of KRW 22.7 billion ($19.55 million) and net loss of KRW 3.5 billion ($3 million). The Board of Directors of Dae Won Chemical Co., Ltd. took the resolution for the acquisition on November 26, 2012. The transaction is expected to close on November 26, 2012. The conversion has been made through www.oanda.com as on December 31, 2011.
Dae Won Chemical Co., Ltd. (KOSE:A024890) cancelled the acquisition of an unknown remaining stake in Daewon Chemical Vina Co., Ltd. for on November 26, 2013.
DAEWON CHEMICAL CO., LTD. is a Korea-based company mainly engaged in the manufacture of synthetic leathers. The Company operates in three segments: wallpaper, synthetic leather and refinery. Its wallpaper segment is engaged in the manufacture of fire retardant wallpapers, silk wallpapers, charcoal wallpapers, wiping wallpapers and others used as interior finishing materials under the brand name D&D, 4U and others. Its synthetic leather segment is engaged in the manufacture of synthetic leathers and artificial leathers used for shoes, balls, gloves and garments, and processing of fabrics under the brand name Art-Lite, Ace-Buck, High-Lock, Encarta and others. Its refinery segment refines waste di-methyl formamide (DMF) in the process of synthetic leather manufacture.
DAEWON CHEMICAL CO., LTD. 
