IokCompany Co., Ltd. cancelled the acquisition of 51% stake in in G-tree Creative Co., Ltd. from Yonghoon Kim and Sookhyun Kim.
November 01, 2019
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IokCompany Co., Ltd. (KOSDAQ:A078860) agreed to acquire 51% stake in in G-tree Creative Co., Ltd. from Yonghoon Kim and Sookhyun Kim for KRW 1.3 billion on November 2, 2018. Under the terms, IokCompany will acquire 0.01 million shares of G-tree Creative and the consideration of KRW 975 million will be paid in cash as deposit and the remaining consideration of KRW 300 million will be paid through issuance of round 14 unregistered unguaranteed unsecure private convertible bonds. Post-acquisition, G-tree Creative will become a subsidiary of IokCompany.
G-tree Creative reported total assets of KRW 781 million, total capital of KRW 445 million, sales of KRW 1.03 billion and Net profit of current period of KRW 319 million at the end of 2017. The transaction has been resolved by the Board of Directors of IokCompany Co., Ltd at the meeting held on November 2, 2018. The transaction is expected to be completed by November 2, 2018.
IokCompany Co., Ltd. (KOSDAQ:A078860) cancelled the acquisition of 51% stake in in G-tree Creative Co., Ltd. from Yonghoon Kim and Sookhyun Kim on November 2, 2019.
IOKCOMPANY Co., Ltd. is a company mainly engaged in the entertainment business. Along with subsidiaries, the Company operates its business through two segments. The Entertainment Business segment is engaged in artist management, manufacturing and sales of cosmetics and fashion products. Cosmetics are sold under the name of KOY. Fashion products are sold under the name of atti.k. The Information and Communication Technology (ICT) Business is engaged in the provision of wireless Internet solutions and services.