Celtic Asia Limited agreed to acquire the remaining 49% stake in Daesung Celtic Co., Ltd. from Daesung Industrial Co., Ltd. for KRW 28.3 billion.
August 20, 2020
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Celtic Asia Limited agreed to acquire the remaining 49% stake in Daesung Celtic Co., Ltd. from Daesung Industrial Co., Ltd. (KOSE:A128820) for KRW 28.3 billion on August 21, 2020. Daesung Celtic Co., Ltd. reported total assets of KRW 54.5 billion, sales of KRW 94.0 billion and net loss of KRW 0.77 billion for the year 2019. As of August 21, 2020, Board of directors of Daesung Celtic Co., Ltd. approved the transaction. The transaction is expected to complete on August 21, 2020.
Daesung Industrial Co., Ltd. is a Korea-based company mainly engaged in the distribution of petroleum gas. It operates its businesses through four segments. It oil/gas segment operates gas stations and charging stations, selling oils and other gases, as well as develops oil and gas fields in overseas mining lots. Its construction segment constructs residential, commercial and industrial buildings, including apartments, offices, hotels, theaters, factories and others. Its distribution segment operates complex shopping town, including department stores, hotels, musical theaters and others. Its other segment involves in the cogeneration business, providing local heat, steam and electricity; provision of gas meters, gas boilers and hydraulic valves used for agricultural machineries; computer system integration, as well as coal mining. On December 4, 2013, it transferred all the asset and debts of Kojen Business Unit to DS POWER CO,.LTD.
DAESUNG INDUSTRIAL CO., LTD. 
