SC Engineering will be sold to Bando Group. Existing largest shareholder EV Advanced Materials will secure funds to invest in its Vietnam plant, while Bando Group aims to strengthen competitiveness in its plant business.
SC Engineering disclosed on the 19th that a decision was made for existing largest shareholder EV Advanced Materials to sell all of its equity holdings to Bando Holdings.
With this contract, EV Advanced Materials will transfer 4,140,224 common shares of SC Engineering to Bando Holdings. The transfer price is 24 billion won. Once the transaction is completed, Bando Holdings will secure 10.89% equity and become the largest shareholder of SC Engineering.
Earlier in Dec. last year, Bando Holdings purchased the 12th and 13th tranches of convertible bonds (CB) issued by SC Engineering totaling 27 billion won, securing a potential 36.48% equity.
Bando Holdings is the holding company of Bando Group. Through Bando E&C and Bando General Construction, it conducts dwellings, architecture, civil engineering, urban renewal, overseas development projects, and leisure businesses. Fronted by the housing brand "U-Bora," it has built its presence in Korea's housing and public-private construction markets.
Overseas, it completed Dubai's U-Bora Tower and the development project in Los Angeles, "THE BORA 3170," and the second project, "THE BORA 3020," is slated for completion by year-end. It is also expanding its global business by remodeling dwellings in Manhattan, New York, and acquiring a Times Square retail mall.
Based on its domestic and overseas performance, Bando Group is establishing itself in 2025 as a comprehensive construction group ranked 30th in construction capability evaluation.
SC Engineering engages in EPC (engineering, procurement, construction) projects for various industrial plants such as petrochemicals and energy. It is diversifying order channels into advanced new-growth industries, including hydrogen, semiconductors, secondary batteries, and specialty chemicals. The company's strategy is to generate diverse business opportunities by joining Bando Group and to secure both mid- to long-term revenue structure stability and growth.
A SC Engineering official said, "If Bando Group's civil engineering, architecture expertise, and financial support back the company's strong technology in the plant sector, it will not only enhance stability in project execution but also further strengthen the industry's competitiveness."
EV Advanced Materials plans to invest the funds secured through this transaction in its Vietnam plant.
Choi Dong-rak, CEO of EV Advanced Materials, said, "This is a choice to stably secure operating funds to strengthen our core business and investment capital for large-area FPCB for new growth," adding, "By securing sufficient liquidity, we have improved the company's financial structure and ensured management stability."