Wellbiotech Completes Interim Payment for Geumyoung ENG... "Acquisition to be Finalized by January Next Year"

[Asia Economy Reporter Hyunseok Yoo] Wellbiotech announced on the 15th that it has completed the payment of the intermediate installment for the stock transfer contract signed to acquire the management rights of Geumyoung ENG. In August, Wellbiotech signed a stock transfer contract worth a total of 35 billion KRW to acquire 50,000 shares (100% stake) of Geumyoung ENG and secure management rights.

A company official stated, "We paid 11 billion KRW as the intermediate installment for the stock transfer contract of Geumyoung ENG using funds secured through the recent issuance of convertible bonds," adding, "We plan to complete the final payment by January next year to finalize the acquisition of management rights of Geumyoung ENG."

Founded in 2007, Geumyoung ENG is a total solution company that perfectly possesses design, manufacturing, and construction capabilities for air conditioning facilities such as cleanrooms, essential for semiconductor and IT industries, and dry rooms, essential for secondary battery manufacturing facilities. It constructs cleanrooms and dry rooms both domestically and overseas.

Wellbiotech's strategy is to enter the high-growth cleanroom industry through the acquisition of Geumyoung ENG and to embark on a full-scale company restructuring.

Wellbiotech CEO Sehyun Koo said, "On the 8th, Geumyoung ENG was awarded the 'Iron Tower Industrial Medal,' a government commendation, in recognition of its high-quality construction capabilities and high export performance growth rate," adding, "Geumyoung ENG is experiencing increasing orders in Eastern European markets such as Poland and Hungary, where investments in secondary battery and semiconductor facilities are rising, as well as in Asian markets including Vietnam and China, so high growth is expected in the future."

He continued, "Due to the recent resurgence of COVID-19, demand for the Bio Clean Room (BCR), a negative pressure facility with unique technology held by Geumyoung ENG, is also rapidly increasing, and we will accelerate the establishment of negative pressure facilities."