APC Private Equity Limited and STX Marine Service Co., Ltd cancelled the acquisition of Heung-A Shipping Co., Ltd.
December 17, 2020
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STX consortium, including STX Marine Service Co., Ltd,, was selected as the preferred bidder to acquire Heung-A Shipping Co., Ltd. (KOSE:A003280) on July 16, 2020. STX consortium signed a memorandum of understanding to acquire Heung-A Shipping Co., Ltd. o July 24, 2020. APC Private Equity Limited and STX Marine Service Co., Ltd signed an agreement to acquire Heung-A Shipping Co., Ltd. for KRW 120 billion on October 20, 2020. STX Marine Service will pay KRW 36 billion and APC Private Equity will pay KRW 84 billion. Consideration shall be payable through cash. 10% of total acquisition amount is paid on the date of contract. The Board of Directros passed the resolution for the transaction. Transaction is subject to signing a debt adjustment agreement and implementing the procedure for free reduction, approval of the transaction by the Financial Creditors Council and approval of business combination by Fair Trade Commission. Completion is scheduled to take place on December 20, 2020.
APC Private Equity Limited and STX Marine Service Co., Ltd cancelled the acquisition of Heung-A Shipping Co., Ltd. on December 18, 2020.
HEUNG-A SHIPPING CO.,LTD is a Korea-based company engaged in the marine transportation business. The Company mainly provides its marine transportation services through two divisions: container carrier division and tanker division. Its container carrier division transports cargoes using full container vessels to Japan, China and South East Asia. Its tanker division transports liquefied bulk cargoes, such as organic and inorganic chemicals, vegetable and fat oils, acid products, clean petroleum products and others using chemical tanker vessels to East Asia, South East Asia, India and Middle East Asia. It is also engaged in the provision of container yard (CY) services and real estate rental business.