Orbitec Completes Interim Payment for FineTechnix Stake Sale... Finalizes Transaction in September

Orbitec, a company specializing in nuclear and radiation solutions, announced on July 15 that the transaction process is proceeding smoothly, as it received the scheduled interim payment for the sale of its stake in FineTechnix.

According to the company, pursuant to the share purchase agreement (SPA) for the sale of its FineTechnix stake, Sungjin Holdings made the normal interim payment on the same day. Orbitec stated that with the receipt of this interim payment, the stability of the transaction has been confirmed, and the company expects an even higher level of trust regarding the final payment in the future.

Orbitec acquired FineTechnix last year to expand its business portfolio and has been reviewing options for business restructuring and improving investment efficiency. Later, in pursuit of management efficiency and optimal capital allocation, Orbitec decided to sell part of its stake and management rights to Sungjin Holdings, and with this interim payment, the company explained that the transaction is progressing as originally planned.

The company plans to complete the stake sale process once the final payment is received on September 30. The secured funds will be used to improve the financial structure, strengthen core business competitiveness in areas such as nuclear power and aviation, and serve as investment resources to secure future growth engines.

A company representative at Orbitec stated, "This interim payment is an important step confirming that the transaction is progressing as planned," adding, "We will ensure that the process is completed without issue through to the final payment, further strengthening our financial soundness and focusing on enhancing our core business competitiveness."

They added, "Based on our technological expertise accumulated in the nuclear and aircraft precision parts sectors, we will continue to grow our existing businesses while actively seeking new businesses with high growth potential to increase corporate value."

Having confirmed the stability of the transaction through the receipt of the interim payment for the sale of its FineTechnix stake, Orbitec plans to utilize the sale proceeds to invest in its core businesses and improve its financial structure, thereby strengthening the foundation for future growth.

This content was produced with the assistance of AI translation services.