Korea Kolmar Co., Ltd. completed the spin off its cosmetics and pharmaceutical manufacturing division for KRW 1.3 trillion.
October 30, 2012
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Korea Kolmar Co., Ltd. (KOSE:A024720) agreed to spin off its cosmetics and pharmaceutical manufacturing division on June 4, 2012. The spin-off ratio of the divested division and Korea Kolmar is 0.635:0.365. Post completion, Korea Kolmar will focus on investments business. Korea Kolmar will remain listed and the division being divested will form a public company. The division to be divested will be known as Korea Kolmar Co. Ltd and the current Korea Kolmar will be renamed. As of March 31, 2012, the cosmetics and pharmaceutical manufacturing division reported total assets of KRW 168.87 billion, total liabilities of KRW 90.05 billion, and total stockholders' equity of KRW 78.82 billion. As of December 31, 2011, the cosmetics and pharmaceutical manufacturing division reported revenues of KRW 301.41 billion.
The transaction was approved by the Board of Directors of Korea Kolmar on June 4, 2012. The period of submission of existing shareholders' rights is August 29, 2012 to September 28, 2012, the expected period for suspension of stock trading is September 27, 2012 to October 18, 2012, the scheduled delivery date of new share certificates is August 29, 2012, and the scheduled listing date is September 28, 2012. The general meeting of stockholders' prearranged date is August 28, 2012 and the period of submission of objections from creditors is August 29, 2012 to September 28, 2012. The transaction is expected to close on October 1, 2012.
As on June 22, 2012, the spin-off ratio of the divested division and Korea Kolmar has been amended to 0.675:0.325. As of March 31, 2012, the cosmetics and pharmaceutical manufacturing division reported total assets of KRW 173.88 billion, total liabilities of KRW 90.09 billion and total stockholders' equity of KRW 83.78 billion as per the amendment. As of June 29, 2012, the scheduled delivery date of new share certificates has been amended to October 18, 2012 while the scheduled listing date is October 19, 2012. As of October 5, 2012, the record date has been established as September 30, 2012.
Korea Kolmar Co., Ltd. (KOSE:A024720) completed the spin off its cosmetics and pharmaceutical manufacturing division for KRW 1.3 trillion on October 1, 2012.
Kolmar Korea Co Ltd is a Korea-based company principally engaged in the manufacture and distribution of cosmetics. The Company operates its business through three segments. The Cosmetics segment is mainly engaged in the business of original development and design manufacturing (ODM) and original equipment manufacturing (OEM) of cosmetics including skin care, makeup, hair care, body care and others. The Pharmaceutical segment develops and manufactures pharmaceuticals and quasi-drugs including ointment creams, oral solutions, external preparations, and solid preparations. The Food segment is involved in the production and sale of health functional food. The Company is also involved in the rental business. The Company distributes its products in domestic and overseas markets.
KOLMAR KOREA CO., LTD. 
