This is an amended filing · View original →
SEOHEE CONSTRUCTION CO., LTD. Agreement to give up Namyangju Jinju Apartment rebuild contract once loans and fees are repaid
SAI summary · Not investment advice
SEOHEE CONSTRUCTION CO., LTD. agreed to give up its KRW 277.5 billion Namyangju apartment rebuilding contract once the association fully repays its loans and construction fees.
Contract amount
KRW 277.5 billion
25.84% of recent revenue · excluding VAT
Key facts
- Contract details
- Jinju Apartment housing reconstruction project
- Recent revenue
- KRW 1.1 trillion2016 consolidated
- % of revenue
- 25.84%
- Counterparty
- The Jinju Apartment housing reconstruction association
- Supply region
- Pyeongnae-dong, Namyangju, Gyeonggi Province
- Contract period
- May 31, 2018 – Mar 31, 2029
- Contract date
- Sep 22, 2017
Commentary
AI commentary · Not investment advice
What happened
Seohee Construction agreed with the reconstruction association to step away from the Jinju Apartment rebuilding project in Namyangju. The association will repay all loans it received from the company and all unpaid construction fees. Once fully repaid, the company will give up its right to build the project. The contract amount was KRW 277.5 billion.
In the company's terms
The amount equals 25.84% of revenue at the time of the contract (KRW 1.1 trillion, 2016 consolidated). In its earlier filing, the company said it still held builder status and had won the construction fee lawsuit.
What changes for shareholders
The agreement cancels automatically in two cases. One is if the HUG loan guarantee or project loan falls through within 3 months. The other is if the association does not repay all loans and fees within 3 months. The company said it will file a correction depending on the repayment result.
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