Samsung Electro delays buyout of Chinese circuit board maker

SEOUL, Dec. 2 (Yonhap) -- Samsung Electro-Mechanics Co., a South Korean electronic components maker, said Tuesday it has delayed a planned buyout of a Chinese circuit board maker due to the prolonged approval process by Chinese regulators.
Samsung Electro, a parts manufacturer under Samsung Group, signed a 27.1 billion
won (US$20.44 million) deal in October to take over a 95-percent share of Unicap
Electronics Industrial Co., which specializes in circuit boards used for
liquid-crystal displays.
The South Korean manufacturer said in a regulatory filing that it has tentatively
delayed the buyout date, originally scheduled for November 30, to the end of
January 2009, citing a prolonged environmental approval process by Chinese
authorities and other due diligence procedures.
Circuit board production is the flagship business of Samsung Electro. The company
currently has three production complexes in China.
odissy@yna.co.kr
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