Hyosung Heavy Industries : Termination of Single SalesContract or Supply Contract
April 20, 2022 at 02:15 am EDT
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Termination of Single Sales Contract or Supply Contract
1. Type of sales or supply contract terminated
Receipt of construction order
- Name of contract terminated
Dangjin Songsan 2 Industrial Complex C-1-2
Block Apartment Construction Contract
2. Details of termination
Contract amount terminated (KRW)
160,413,000,000
Sales of the latest fiscal year (KRW)
2,983,970,863,029
Ratio to sales (%)
5.38
Classified as a large-sized corporation?
Yes
3. Counterparty to contract
DSY Co., Ltd.
- Relationship to company
-
4. Contract period
Start date
-
End date
-
5. Reasons for termination
Termination of contract due to breakdown of
business condition negotiations with DSY Co., Ltd. (developer).
6. Date of contract termination
2022-04-14
7. Withholding of disclosure
Reasons for withholding disclosure
-
Withholding period
-
8. Other matters to be factored into investment decisions
- The case was disclosed on September 28, 2021
by signing a contract for the construction
of a new apartment building at 862 Yugok-ri,
Songsan-myeon, Dangjin-si,
Chungcheongnam-do, with DSY Co., Ltd.
(developer).
- After the initial contract was signed, the
business conditions were being negotiated
between the company and the developer, but
the negotiation broke down and the contract
for the construction of the C-1-2 block
apartment in Songsan 2nd Industrial Complex
in Dangjin was terminated by mutual
agreement of the contracting parties.
- The "Contract amount terminated" in the "2.
Details of termination" above is the amount
including value-added tax, and the "Sales of
the latest fiscal year" are based on the
consolidated financial statements at the end
of 2020 applied at the time of the initial
contract signing disclosure.
- "4. Contract period" above is 29 months from
the date of the commencement of
construction, and this contract is
terminated at the stage of negotiating the
business conditions before the commencement
of construction.
- "6. Date of contract termination" above is
the date on which the Company sends a notice
of agreement to terminate the contract.
Related disclosure
2021-09-28 Conclusion of Single Sales Contract or Supply Contract
Attachments
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Original Document
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Disclaimer
Hyosung Heavy Industries Corporation published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 06:14:06 UTC.
Hyosung Heavy Industries Corporation is a Korea-based company mainly engaged in the production and sale of electrical equipments. The Company is involved in the manufacturing and sale of transmission and distribution equipments, motors, generators, and industrial machinery. The transmission and distribution equipments include ultra high voltage transformers, distribution input transformers, mold transformers and shunt reactors, among others. The company is engaged in the renewable energy business. It is engaged in the manufacturing and sale of renewable energy storage systems (ESS) and solar inverters, solar energy engineering procurement construction (EPC), and wind power generation. In addition, the Company is engaged in the provision of systems and engineering solutions, gear solutions and welding solutions, as well as construction business.