Tong Yang Inc. said Tuesday it is seeking to acquire Sambu Construction Industrial, a local maker of construction materials. In a regulatory filing, the company said it had submitted a letter of intent to take over Sambu Construction Industrial on March 14.

Having graduated from a 28-month period of court receivership last month, Tong Yang sits on a cash pile of nearly 500 billion won after selling assets to repay debt, including a controlling stake in Tong Yang Cement. 


Tong Yang Inc., whose main businesses are ready-mix concrete and other construction materials, is targeted for takeover by Eugene Corp., the country’s top ready-mix concrete-maker.

Sambu Construction Industrial is 99 percent owned by Sambu Construction Co., which is currently under court receivership. It specializes in the production of prestressed high-strength concrete piles.

A preliminary bid for the 99 percent stake up for grabs is scheduled for March 28.

By Kim Yoon-mi (yoonmi@heraldcorp.com)