DYD Acquires Sambutogeon... Real Estate Business Kicks Off
DYD is acquiring shares and management rights of Sambu Construction, Korea's first construction company.
DYD, which operates a well-known cosmetic brand distribution business, added civil engineering and construction work, real estate development, and other business purposes last September when the largest shareholder changed to Chairman Iljun Lee of Daeyang Industrial Development. Recently obtaining a general construction license, DYD has started developing residential facilities such as townhouses and officetels in areas including Ilsan, Goyang City, and is expanding its business by creating a golf course in the Pocheon area.
On the 4th, DYD announced that it signed a contract to acquire shares and management rights of Sambu Construction along with financial investors. Three companies will purchase 17.5 million existing shares of Sambu Construction for 70 billion KRW, securing a 9.52% stake.
Founded in 1948 with Korea's first construction license, Sambu Construction is a mid-sized construction company that has grown mainly through major civil engineering projects. It was responsible for constructing the Gyeongin and Gyeongbu Expressways and Seoul Subway Line 1, focusing on domestic contract construction and self-construction sales projects.
Recently, it has consecutively won contracts for new logistics center construction. Following contracts worth a total of 194.2 billion KRW in the first quarter, it secured an order backlog of 1.8 trillion KRW in April, including the Gyeongsan Logistics Warehouse (303.2 billion KRW) and Pyeongtaek Dream Tech Industrial Complex Logistics Center (137.5 billion KRW).
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A DYD representative said, "With the acquisition of Sambu Construction, we will expand into a real estate development company encompassing civil engineering, construction, and architecture," adding, "DYD will demonstrate the capabilities of a comprehensive construction company capable of handling large-scale projects."
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