JC Chemical Co., Ltd. cancelled the acquisition of 80% stake in Linked Holdings PTE. Ltd.
October 18, 2013 at 12:00 am EDT
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JC Chemical Co., Ltd. (KOSE:A137950) agreed to acquire 80% stake in Linked Holdings PTE. Ltd for KRW 9.2 billion in cash on October 18, 2012. Linked Holdings PTE.'s 1 share will be changed to total of 10,000 shares in a debt to equity swap of the loan receivable from seller before the payment for this transaction, and JC Chemical Co., Ltd. will acquire 8,000 shares which represent 80% stake in Linked Holdings. JC Chemical signed a contract to acquire 80% stake in Linked Holdings PTE.Ltd on October 19, 2012. Linked Holdings reported total assets of KRW 2.9 billion and net liabilities of KRW 9 million as of June 30, 2012. The deal was resolved by the Board of Directors of JC Chemical on October 18, 2012. The transaction is expected to be completed by October 31, 2012. As on October 31, 2012, the transaction closing date is amended to November 15, 2012. Kyo-Tae Kim of KPMG Samjong Accounting Corp. acted as valuer for the transaction.
JC Chemical Co., Ltd. (KOSE:A137950) cancelled the acquisition of 80% stake in Linked Holdings PTE. Ltd on October 18, 2013.
JC Chemical Co., Ltd. is a Korea-based company engaged in biofuel manufacturing business. The Company's main products consist of biodiesel as well as diesel oil, which are made from vegetable oil, animal fat, edible oil wastes and others. In addition, the Company also provides products of distillation, such as glycerin, pitch, fatty acid and others. The Company mainly provides its products to domestic defense agencies and oil companies.