Announcement for the sale of shares in Ansan Urban Development Inc.
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- 2009-04-28
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I. Overview
1. Assets to be sold : 51% equity stake in Ansan Urban Development Inc. held by Korea District Heating Corp. (the “Seller”)
2. Method of sale : Public competitive bidding
II.
1. Acceptance of Letters of Intent, etc.
① Period of submission : From
② Place of submission : 5F, Korea District Heating Corp., 186 Bundang-dong, Bundang-gu, Seongnam-si,
③ Documents to be submitted: Letter of Intent, Introduction of Bidder, Confidentiality Agreement
2. Procedures following the acceptance of a Letter of Intent
① After the sell-side financial advisor reviews all documents submitted by the potential buyers, the financial advisor shall arrange for the Confidential Information Memorandum and Transaction Guideline to be sent to each potential buyer individually. Please refer to the “Transaction Guideline for the sale of shares in Ansan Urban Development Inc.” for details on subsequent schedules.
② Only potential buyers that have submitted a Letter of Intent shall be allowed to participate in the bidding process. However, a potential buyer who has not submitted a Letter of Intent shall be allowed to participate in the bidding process if the potential buyer forms a consortium with another potential buyer that has submitted a Letter of Intent.
III. Others
1. Please refer to the “Transaction Guideline for the sale of shares in Ansan Urban Development Inc.” on the Seller’s homepage (www.kdhc.co.kr) for additional details related with this transaction.
2. All documents related to this transaction, including the Letter of Intent, shall be submitted in person within the designated dates at the place of submission (Submission by mail, fax and e-mail shall not be permitted), and the late submission after the deadline will not be permitted.
3. Accepted all documents may not be cancelled, withdrawn, recalled, exchanged or modified.
4. Request for the submission of Letters of Intent that corresponds to this sale announcement is not an inducement of subscription subject to the Financial Investment Services and Capital Market Act, but an inducement of subscription subject to the Confidential Information Memorandum.
5. The aforementioned schedule and contents are subject to change depending on the circumstances of the Seller. The Seller expressly reserves the right, at its sole discretion, at any time and in any respect to terminate the procedures set out in this sale announcement and the selection of prospective investors to be included in the Short List and Preferred Bidder, among others, are subject to the sole and absolute discretion of the Seller. Any prospective investor may not express any objection to the selection of the Seller.
Should you have any questions on this transaction, please contact the Korea District Heating Corp. or Deloitte Anjin LLC representatives listed below.
- Korea District Heating Corp. : Young Geun Yu (Team Manager), Jong Yong Jin (Manager), Se Wha Ro (Assistant Manager) (82 -31-780-4114)
- Deloitte Anjin LLC : Taek Joong Kim (Partner), Sang Ah Lee (Director), Jae Hong
April 29, 2009
Seller : Korea District Heating Corp.
Sell-side Financial Advisor : Deloitte Anjin LLC