Haesung Nongrim Co.,Ltd. agreed to acquire Art Valley Co., Ltd. from CROWNHAITAI Holdings Co.,Ltd..
August 13, 2020
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Haesung Nongrim Co.,Ltd. agreed to acquire Art Valley Co., Ltd. from CROWNHAITAI Holdings Co.,Ltd. (KOSE:A005740) on August 14, 2020. The consideration will be exchanged in ratio of 1: 0.0179139. Post-completion, Art Valley Co., Ltd. will be extinguished by merging into Haesung Nongrim Co.,Ltd. For the year ended December 31, 2019, Art Valley Co., Ltd. reported total assets of KRW 21.8 billion, net assets of KRW 21.7 billion, total sales of KRW 6.7 billion and net income of KRW 225.5 million. The transaction is subject to approval from the shareholders' general meeting to be held on August 27, 2020. The transaction is expected to be completed on October 1, 2020.
CROWNHAITAI Holdings CO.,LTD, formerly CROWN CONFECTIONERY CO.,LTD, is a Korea-based company mainly engaged in the production of confectionery products. The Company's products include biscuits, wafers, snacks, pies, chocolates, sweets and gums. Its biscuit brands include Charmgreen, Five grains cookie, KUK HE and others. Its wafer brands include Green Heim, Choco and White Heim, and Crown Wafers. Its snack brands include Corn Pong, Jollypong, Corn Chip and others. Its pie brands include Lonx, O'new and others. Its chocolate brands include Kicker, Minishell and Black Rose. Its sweets brands include Mychew, Mango TwoTwo, Mint Candy and others. Through its subsidiaries, it also engages in the production of ice cream products, dumplings, breads, cakes, cookies and other frozen products, as well as engages in the franchise business and real estate leasing business.
CROWNHAITAI HOLDINGS CO.,LTD. 
