ChoongAng Ocean Co., Ltd. completed the acquisition of 51% stake in BM Co., Ltd. for KRW 1.5 billion.
October 30, 2018
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ChoongAng Ocean Co., Ltd. (KOSDAQ:A054180) agreed to acquire 75% stake in BM Co., Ltd. for KRW 2.4 billion on May 14, 2018. Under the transaction, ChoongAng Ocean Co., Ltd. acquires 0.023 million shares. The terms of the contract were changed on October 31, 2018, as per the revised contract, ChoongAng Ocean Co., Ltd. will acquire 51% stake in BM Co., Ltd. for KRW 1.5 billion. Under the transaction, ChoongAng Ocean Co., Ltd. will now acquire 0.015 million shares of BM Co., Ltd. During the financial year ended December 2017, BM Co., Ltd. reported total assets of KRW 2.03 billion, net liabilities of KRW 116 million, sales of KRW 294 million and net profit of KRW 13 million. The transaction has been resolved by the Board of ChoongAng Ocean Co., Ltd. The transaction is expected to close on October 31, 2018.
ChoongAng Ocean Co., Ltd. (KOSDAQ:A054180) completed the acquisition of 51% stake in BM Co., Ltd. for KRW 1.5 billion on October 31, 2018. The balance payment of KRW 38.7 million was done on October 31, 2018.
Medicox Co Ltd, formerly ChoongAng Ocean Co Ltd, is a Korea-based company specialized in the manufacture and sale of shipbuilding materials. The Company operates its business through two segments. The Shipbuilding Equipment segment manufactures blocks of parts which require special manufacturing conditions, such as bows, sterns, propeller bosses and engine rooms of mega ships. The Motor and Generator segment is engaged in custom production of electric motors and generators and custom production of electric motors for railway vehicles.
MEDICOX CO., LTD. 
