EWK Inc. completed the acquisition of 59.4% in KIWI PLUS Co., Ltd. from Kakao Corp. and Seo Sang Won.
September 28, 2020
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EWK Inc. (KOSDAQ:A258610) agreed to acquire 59.4% in KIWI PLUS Co., Ltd. from Kakao Corp. (KOSE:A035720) and Seo Sang Won for KRW 38.1 billion on February 5, 2020. Kakao Corp will sell 2.1 million shares and receive the consideration of KRW 31.5 billion and Seo Sang Won will sell 0.4 million share and will receive the consideration of KRW 6.5 billion. As per terms, KRW 6.5 billion is payable on February 5, 2020 as down payment and balance KRW 31.6 billion on March 23, 2020. As of April 23, 2020, the consideration of KRW 10 billion is paid on March 23, 2020 and remaining consideration of KRW 21.6 billion will be paid on April 29, 2020.
For the year ended December 31, 2019, KIWI PLUS Co., Ltd. reported total assets of KRW 8.1 billion, net assets of KRW 5.7 billion, sales of KRW 30.2 billion and net loss of KRW 3.9 billion. The Board of Directors of EWK Inc. resolved the transaction on February 5, 2020. The deal is expected to close on March 23, 2020. The transaction is expected to complete by April 29, 2020. As reported on April 29, 2020, the transaction is expected to close on July 29, 2020. As reported on July 29, 2020, the transaction is expected to close on September 29, 2020.
EWK Inc. (KOSDAQ:A258610) completed the acquisition of 59.4% in KIWI PLUS Co., Ltd. from Kakao Corp. (KOSE:A035720) and Seo Sang Won on September 29, 2020. EWK Inc. completed the payment of the balance amount of KRW 215 billion on September 29, 2020.
Caelum Co Ltd, formerly EWK Inc, is a Korea-based company principally engaged in the manufacture and sale of chemical and liquefied natural gas (LNG) facilities. The Company operates its business through three segments. The Chemical and LNG Facility Business segment is engaged in the manufacture and sale of heat exchangers, air cooled condensers, pressure vessels and others. The Geothermal Power Plant Business segment is engaged in the manufacture and sale of condensers, piping spools, separators and others. The Product Business segment is engaged in the distribution of products within domestic market to overseas markets.
CAELUM CO., LTD.