Omni System Co., Ltd. completed the acquisition of Innerex Co., Ltd.
June 18, 2013 at 12:00 am
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Omni System Co., Ltd. (KOSE:A057540) signed a statutory merger agreement to acquire Innerex Co., Ltd. for KRW 19.6 billion in stock on March 13, 2013. The exchange ratio will be 1:2.36231884 and Omni System will issue 16.6 million shares of its common stock. Pursuant to the transaction, Omni System will survive and Innerex will be dissolved. Innerex reported total assets of KRW 16.5 billion, total liabilities of KRW 5.6 billion, total stockholders' equity of KRW 10.9 billion, sales revenue of KRW 21.9 billion and net profit of KRW 1.7 billion for the period ended December 31, 2012.
The transaction is subject to approval by shareholders of Omni System at a meeting to be held on May 22, 2013 and the existing share certificate submission period is from May 23, 2013 to June 24, 2013. The period of submission of objections from creditors is from May 23, 2013 to June 24, 2013. The transaction is expected to close on June 25, 2013. The scheduled merger registration date is June 28, 2013, scheduled delivery date of new share certificates is July 9, 2013 and scheduled listing date is July 10, 2013. The Board of Directors of Omni System has resolved the transaction.
As of April 1, 2013, the exchange ratio was amended to 1:2.314578 and 16.3 million shares of Omni System will be issued. On May 13, 2013, shareholders of Omni System approved the transaction. The transaction is now expected to close on June 18, 2013.
Omni System Co., Ltd. (KOSE:A057540) completed the acquisition of Innerex Co., Ltd. on June 18, 2013.
OmniSystem Co Ltd is a Korea-based company mainly engaged in the manufacture and distribution of digital meters. The Company operates its business through three segments. The Measuring Monitoring Verification (MMV) segment is mainly engaged in the manufacture and sale of digital meter such as digital electricity meters, digital calorimeters, digital water meters, digital hot water meters, digital gas meters and others. In addition, the segment is also engaged in the supply of integrated notice management software and energy management system as well as others. The Card segment is mainly engaged in the manufacture and sale of cards such as credit cards and mobile communication cards. The Lighting segment is mainly engaged in the manufacture and sale of landscape lighting for buildings, bridges, golf courses, ski resorts, roads, as well as lighting for apartments.
OMNISYSTEM CO.,LTD. 
