Today & Tomorrow Co., Ltd. entered into a merger agreement to acquire Hanil Telecom Co., Ltd. from Hanil Cement Co., Ltd., Handuck Development Co. Ltd. and Hanil Engineering & Construction Co., Ltd. for KRW 2.9 billion.
The resolution of the Board of Today & Tomorrow Co., Ltd. was given on October 18, 2012. Board of Today & Tomorrow Co., Ltd. approved the transaction on November 19, 2012. The approval of the shareholders of Hanil Telecom is expected in a general meeting on November 19, 2012. As November 19, 2012, shareholder general meeting for merger approval will be replaced by Board approval as it corresponds to small-scale merger. The transaction is expected to close on January 1, 2013. The new shares are expected to be allocated on January 15, 2013 and are expected to be listed on January 16, 2013. The new shares will have a lock up period of 1 year. Daejoo Accounting Corporation acted as a valuer in the transaction.