Bubang Co., Ltd. completed the acquisition of Busan Textile Co. Ltd..
August 31, 2016
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Bubang Co., Ltd. (KOSDAQ:A014470) signed a contract to acquire Busan Textile Co. Ltd. (KOSDAQ:A025270) for KRW 57.1 billion in stock on April 27, 2016. Under the terms of the transaction, Bubang will acquire all the shares of Busan Textile and issue 11.1 million shares as consideration. The consideration represents an exchange ratio of 1 to 1.3832512. Upon completion, Busan Textile will be merged into Bubang. The Board of Directors passed a resolution for the transaction on April 27, 2016. A meeting of shareholders' will be held on June 28, 2016. The creditors can submit their objections from June 29, 2016 to July 29, 2016. As of June 28, 2016, the transaction was approved by shareholders of Bubang Co. and Busan Textile. The transaction is expected to be completed on August 1, 2016. The merger registration date is August 3, 2016 and the scheduled listing date of new shares is August 18, 2016.
Bubang Co., Ltd. (KOSDAQ:A014470) completed the acquisition of Busan Textile Co. Ltd. (KOSDAQ:A025270) on August 1, 2016.
Bubang Co.,Ltd., formerly LiHOM-CUCHEN CO.,LTD., is a Korea-based company mainly engaged in the manufacture and sale of household appliances and electronic components. The Company operates its business through three divisions: distribution division, living division and electronic component division. Its distribution division engages in the operation of Anyang e-mart and sale of necessaries. Its living division manufactures and distributes pressure cookers, dryers, humidifiers and other household electrical and electronic equipment. Its electronic component division provides crystal units, such as surface mount devices (SMDs), home solutions and others.
BUBANG CO., LTD. 