Hanil Cement Co Ltd has announced it will merge with Hanil Hyundai Cement Co Ltd.
The merger will see the combined company with pro-forma sales of KRW1.74trn in 2024 become the largest cement company in South Korea after Ssangyong Cement Industrial. Hanil Cement’s domestic market share is expected to exceed 20 per cent.
The merger, which will be dated 1 November, will be carried out by a new share issue of Hanil Cement, the surviving company, to shareholders of Hanil Hyundai Cement. There will be 1.0028211 shares of Hanil Cement common stock that will be allocated for each share of Hanil Hyundai Cement common stock.
