Biosmart Corporation cancelled the acquisition of 30.9% stake in Business On Communication Co.,Ltd.
April 17, 2013 at 12:00 am
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Biosmart Corporation (KOSE:A038460) agreed to acquire 30.9% stake in Business On Communication Co.,Ltd. for KRW 8.6 billion in cash on March 4, 2013. Biosmart Corporation will acquire 1.97 million shares of Business On Communication. The Board of Directors of Biosmart Corporation resolved the deal on March 4, 2013. The scheduled completion date of transaction is May 31, 2013.
Biosmart Corporation (KOSE:A038460) cancelled the acquisition of 30.9% stake in Business On Communication Co.,Ltd. on April 17, 2013. Biosmart Corporation has requested repeatedly for the return of the paid deposit and second payment as the stock acquisition signed.
BioSmart Co., Ltd. is a Korea-based company mainly engaged in credit card business. The Company produces and issues domestic credit cards and electronic money systems under the brand name BS, and provides credit card issuing services, mailing systems, issuing equipment such as embossers and transcribers, and sending machines such as card sending machines and mail sending machines. Its card category includes magnetic stripe cards, integrated circuit (IC) cards, smart cards, combination cards, radio frequency (RF) cards, global systems for mobile communications (GSM) cards and others. The Company also involves in the manufacture of biological chips, cosmetics and health food through its affiliates.
BIOSMART CO.,LTD. 
