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Ready-mix concrete and other construction materials maker Tongyang Inc. said Wednesday that it has failed to acquire construction materials manufacturer Sambu Construction Industrial.
The company said in a public filing that “the main bid to purchase shares of Sambu Construction Industrial failed.”
Sambu Construction Industrial is 99 percent owned by Sambu Construction Co., which is currently under court receivership.
Earlier in March, Tongyang had submitted a letter of intent to take over Sambu Construction Industrial in a bid to shore up profitability and secure a stable growth.
By Kim Yoon-mi (yoonmi@heraldcorp.com)
The company said in a public filing that “the main bid to purchase shares of Sambu Construction Industrial failed.”
Sambu Construction Industrial is 99 percent owned by Sambu Construction Co., which is currently under court receivership.
Earlier in March, Tongyang had submitted a letter of intent to take over Sambu Construction Industrial in a bid to shore up profitability and secure a stable growth.
By Kim Yoon-mi (yoonmi@heraldcorp.com)
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Articles by Korea Herald
