Motrex Co., Ltd and Well to Sea Investment Co., Ltd. cancelled the acquisition to acquire 84.9% stake in JUN JIN Heavy Industry Co., Ltd. from KTB 2007 Private Equity Fund managed by KTB Private Equity and individual shareholders.
October 14, 2019
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Motrex Co., Ltd (KOSDAQ:A118990) and Well to Sea Investment Co., Ltd. signed a contract to acquire 84.9% stake in JUN JIN Heavy Industry Co., Ltd. from KTB 2007 Private Equity Fund managed by KTB Private Equity and individual shareholders for approximately KRW 260 billion on October 15, 2018. As part of the transaction, Motrex will acquire 9.1 million shares. As of December 13, 2018, Motrex will acquire 1.7 million shares. The consideration will be paid in cash as KRW 19.7 billion on October 15, 2018 and remaining KRW 241.9 billion on December 14, 2018. The transaction will be funded by retained funds. For the year ended December 31, 2017, JUN JIN Heavy Industry reported total assets of KRW 207.9 billion, revenue of KRW 203.5 billion, common equity of KRW145 billion and net profit of KRW 22.1 billion. The transaction has been resolved by the board of directors of Motrex. The transaction is expected to close on December 14, 2018. Samil PricewaterhouseCoopers acted as external rating institution for JUN JIN Heavy Industry.
Motrex Co., Ltd (KOSDAQ:A118990) and Well to Sea Investment Co., Ltd. cancelled the acquisition to acquire 84.9% stake in JUN JIN Heavy Industry Co., Ltd. from KTB 2007 Private Equity Fund managed by KTB Private Equity and individual shareholders on October 15, 2019.
MOTREX.CO.,LTD is a Korea-based company principally engaged in the manufacturing and distribution of automation parts. The Companyâs products include audio visual navigation (AVN), audio video (AV), rear seat entertainment (RSE), around view monitor (AVM), head up display (HUD), application key, car telematics, driver health monitoring, automotive intelligent docking adaptor (AIDA) and dash camera. The Company distributes its products within domestic market and to overseas markets.
Motrex Co., Ltd and Well to Sea Investment Co., Ltd. cancelled the acquisition to acquire 84.9% stake in JUN JIN Heavy Industry Co., Ltd. from KTB 2007 Private Equity Fund managed by KTB Private Equity and individual shareholders.