Moorim P&P Co., Ltd. cancelled the acquisition of an additional 60.8% stake in Moorim Capital Co., Ltd.
November 18, 2019
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Moorim P&P Co., Ltd. (KOSE:A009580) agreed to acquire an additional 60.8% stake in Moorim Capital Co., Ltd. for KRW 66.6 billion on November 19, 2018. As per the terms, Moorim P&P will acquire 7 million shares and consideration will be payable in cash. Deposit which is the 30% will be paid on the signing date (November 20, 2018), 60% within a week from the signing date, and the remaining 10% will be paid within 2 weeks from the signing date. Post-acquisition, Moorim P&P will hold 82.65% shares. As of December 2017, Moorim Capital reported total assets of KRW 255 billion, sales of KRW 34.7 billion, total capital of KRW 108 billion and net profit of KRW 5.5 billion. The resolution of board of directors of Moorim was passed on November 19, 2018 and the transaction is expected to be completed on December 3, 2018.
Moorim P&P Co., Ltd. (KOSE:A009580) cancelled the acquisition of an additional 60.8% stake in Moorim Capital Co., Ltd. on November 19, 2019.
MOORIM P&P CO., LTD. is a Korea-based company mainly engaged in the manufacture and distribution of bleached chemical pulps. The Company operates its business through two divisions: paper manufacturing division and pulps division. Its paper manufacturing division is engaged in the manufacture of paper products for printing, such as two side coated paper, one side coated paper and paper boards. Its pulps division is involved in the manufacture of pulp products, such as general pulps, chemical wood pulps, mechanical wood pulps, semi-chemical wood pulps, sulfurous acid pulps, fibrous cellulosic pulps and others. The Company distributes its products within domestic market and to overseas markets.