MP Hankang CO., Ltd. cancelled the acquisition of 51% stake in Purasac Co., Ltd. from New Medic Co., Ltd.
November 29, 2019
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MP Hankang CO., Ltd. (KOSDAQ:A219550) agreed to acquire 51% stake in Purasac Co., Ltd. from New Medic Co., Ltd. for KRW 5.1 billion on November 30, 2018. MP Hankang CO., Ltd. will acquire 0.1 million shares of Purasac Co., Ltd. The consideration will be paid in cash as deposit KRW 510 million (10% of the total consideration) will be paid on November 30, 2018, second payment of KRW 2.04 billion (40% of the total consideration) will be paid within December 26, 2018 and the remaining balance of KRW 2.6 billion (50% of the total consideration) will be paid within June 28, 2019. As per amendment report on December 27, 2018, second payment of KRW 2.04 billion (40% of the total consideration) will be paid within March 15, 2019. As of March 15, 2019, the second payment of KRW 4.6 billion will be paid by June 28, 2019. For the year ended December 31, 2017, Purasac Co., Ltd. reported total assets of KRW 11.5 billion, net assets of KRW 3.7 billion, sales of KRW 20.1 billion and net profit of current period of KRW 2.4 billion. The transaction has been resolved by the Board of Directors of MP Hankang CO., Ltd at the meeting held on November 30, 2018. The transaction is expected to close on June 28, 2019. BDO Daejoo LLC acted as external rating institution in the transaction.
MP Hankang CO., Ltd. (KOSDAQ:A219550) cancelled the acquisition of 51% stake in Purasac Co., Ltd. from New Medic Co., Ltd. on November 30, 2019.
DYD Co Ltd, formerly DYD Daeyang Ltd, is a Korea-based company principally engaged in the cosmetics distribution business. The Company distributes basic and color cosmetics such as eyeliner, mascara, blusher and others. The Company also distributes personal care products such as hair care and skin care, among others. The Company imports overseas brands such as Kiss Me, CANMAKE, BCL and others and supplies them to distribution channels such as Health and Beauty (H&B) stores, online stores, and duty-free stores, among others.