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BUSINESS SPOTLIGHT

The Class Hyosung undecided on acquisition of Haxaco

Released at: 20:16, 30/10/2019 BUSINESS SPOTLIGHT

The Class Hyosung undecided on acquisition of Haxaco

South Korea-based Mercedes-Benz dealer - The Class Hyosung still not to decide on potential stake acquisition, according to press release.

by Khanh Hoa

South Korea-based Mercedes-Benz car dealer The Class Hyosung is not yet to make a final decision on a potential stake acquisition in Haxaco (HSX: HAX), a Vietnam-based auto dealer, according to a company press release on October 25.

In connection with the proposed transaction where The Class Hyosung would acquire shares in the Hang Xanh Motors Service JSC (Haxaco), Haxaco made a disclosure to the stock exchange and issued a press release on October 15 that may have misled the exchange and the public into believing that Haxaco and The Class Hyosung had agreed on the terms and conditions of the proposed transaction, including a public tender, the statement said.

The Class Hyosung can confirm it is considering the transaction as one of its possible investments in the Vietnamese market but the two parties have not agreed on definite terms and conditions, including whether there will be a public tender. It will issue a further press release in connection with the proposed transaction if necessary.

Lee & Ko is the legal counsel of the South Korean company.

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