FarmStory Co., Ltd. cancelled the acquisition of an additional 20.28% stake in Seoul Feed Co., Ltd. from STX Corp..
September 05, 2015 at 12:00 am
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FarmStory Co., Ltd. (KOSDAQ:A027710) agreed to acquire an additional 20.28% stake in Seoul Feed Co., Ltd. from STX Corp. (KOSE:A011810) for KRW 17 billion in cash on September 5, 2014. FarmStory Co., Ltd. will acquire additional 6.2 million shares, thereby raising its stake to 93.4% in Seoul Feed Co., Ltd. The payment settlement condition is that FarmStory Co., Ltd. will pay 8 billion won on September 5, 2014, and 9 billion on October 24, 2014. Seoul Feed reported total revenue of KRW 364.02 billion, total assets of KRW 319.68 billion, net loss of KRW 11.23 billion and total stockholders' equity of KRW 100.76 billion for the year ending, December 31, 2013. The Board of Directors of FarmStory passed the resolution for the transaction on September 5, 2014. The transaction is expected to close on October 24, 2014.
FarmStory Co., Ltd. (KOSDAQ:A027710) cancelled the acquisition of an additional 20.28% stake in Seoul Feed Co., Ltd. from STX Corp. (KOSE:A011810) on September 5, 2015.
FarmStory CO.,LTD. is a Korea-based company engaged in the manufacture of animal feeds. The Company operates its business through four main divisions: animal feeds division, meat division, chicken division and duck division. Its animal feed division mainly provides feeds for pigs and feeds for chickens. Its meat division provides live pigs and meat products through the slaughter of pigs, cattle and poultry. Its chicken division engages in the chicken meat processing business. Its duck division engages in the duck meat processing business. The Company distributes its products within domestic market.