[eDisclosure Highlights] Lotte Chemical Acquires Iljin Materials for 2.7 Trillion KRW and More (Afternoon Summary)

[Asia Economy Reporter Myunghwan Lee] Lotte Chemical announced on the 11th that its subsidiary, Lotte Battery Materials USA, has signed a stock purchase agreement for new shares corresponding to 24,578,512 shares, representing 53.3% of Iljin Materials' equity.

The purchase price amounts to 2.7 trillion KRW, which accounts for 11.8% of consolidated assets. The expected acquisition date is February 2023.

The company explained that the purpose of the acquisition is to expand its battery materials business.

Below are Lotte Chemical’s disclosure and other major disclosures released this afternoon.

▲Hanchang=In response to the Korea Exchange’s KOSPI Market Division’s inquiry disclosure request regarding reports of acquiring a secondary battery equipment company, the company disclosed, "We are currently pursuing the acquisition of Celltech Co., Ltd., a secondary battery equipment company, and signed a conditional investment contract for the acquisition on May 13." The company added, "Celltech is currently under rehabilitation, and the acquisition will be finalized through a creditors’ meeting. We plan to re-disclose related matters either when finalized or within one month."

▲K Car=Announced that the mandatory holding period for 34,622,302 common shares held by Han & Co Auto Service Holdings Limited will expire on the 13th.

▲HDC Hyundai Development Company=Selected as the construction company at the general meeting for the Neunggok 5 District housing redevelopment project. The scheduled construction cost is 305 billion KRW.

▲POSCO Holdings=The board resolved to proceed with the second phase of the brine lithium project by its subsidiary POSCO Argentina. The investment for phase two is 1.093 billion USD (approximately 1.5 trillion KRW). The local plant in Argentina will receive 741 million USD (about 1 trillion KRW), and a new domestic plant will receive 352 million USD (about 500 billion KRW).

▲Shinsegae=Preliminary September sales amounted to 162.55 billion KRW, a 3.35% increase compared to the same period last year. The company explained, "The difference in the timing of Chuseok affected the sales growth rate."

▲Quro=Signed a contract to supply chemical plant equipment worth 80.7523 billion KRW.

▲Lock&Lock=Declared a quarterly cash dividend of 1,653 KRW per common share. The dividend yield is 23% based on market price.

▲Gwangju Shinsegae=Preliminary September sales reached 16.87 billion KRW, a 6.8% increase compared to the same period last year.

▲EN Plus=Signed a contract to supply fire pump trucks worth 13.91966 billion KRW with Philippine F.CURA INDUSTRIES.

▲KPM Tech=Signed a contract to improve surface treatment facilities worth 6.1207 billion KRW in the Vietnam region.

▲V1 Tech=Signed a supply contract with LG Electronics for medium and large secondary battery inspection systems worth 3.335 billion KRW.

▲Oriental Precision=Decided to provide Oriental Precision’s factory as collateral for 30 billion KRW debt of its subsidiary Oriental Marinetech. The collateral amount is 13 billion KRW.

▲Barun Electronics=Fined and imposed additional charges totaling 4.32916 billion KRW for trademark law violations. The company stated, "The fines and additional charges are not finalized amounts, and we plan to file an appeal through our legal firm."

▲Cocoon=Decided to enter into a trust contract to acquire treasury shares worth 3 billion KRW to stabilize stock price and enhance shareholder value.