EV Advanced Materials, a company specializing in flexible printed circuit boards (FPCB), announced on the 19th that it has signed a contract to transfer shares and management rights of Bando Holdings and SC Engineering.
According to the company, the contract involves selling 4,140,224 shares of SC Engineering (representing 10.9% of total issued shares) and its management rights for 24 billion won. The transaction will be finalized once the articles of incorporation, appointment of directors, and appointment of auditors are completed at the extraordinary general shareholders' meeting scheduled for the 5th of next month, and the remaining payment is deposited.
Choi Dongrak, CEO of EV Advanced Materials, stated, "The decision to sell SC Engineering was made to secure operating funds for strengthening our core business and to stably secure investment resources for large-area FPCB, which is a new growth business." He added, "By securing sufficient liquidity, we have improved our financial structure and ensured management stability."
CEO Choi further commented, "The relocation of our production base to Vietnam, aimed at securing future growth engines, is proceeding as planned. Through this move, we will enhance our manufacturing cost competitiveness and strengthen our response to global customers, making every effort to improve customer satisfaction and profitability."
The funds secured through this sale will be used to stabilize the company's financial structure and to support the operation of the Vietnam plant.
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