Powernet Technologies Corporation completed the acquisition of 15.9% stake in Eyesvision Corp. from a group of sellers for KRW 32 billion.
May 30, 2019
Share
Powernet Technologies Corporation (KOSDAQ:A037030) and an unknown buyer signed a contract to acquire 30.73% stake in Eyesvision Corp. (KOSDAQ:A031310) from a group of sellers for KRW 62 billion on May 10, 2019. Pursuant to the contract, the buyers will acquire 4.8 million shares of Eyesvision at KRW 12800 per share in cash. Under the terms of the contract, Powernet Technologies Corporation will acquire 2.5 million shares and the other buyer will acquire 2.35 million shares. As of October 17, 2019, Powernet Technologies Corporation will acquire an additional 0.47 million shares out of 2.35 million shares to be acquired by the other buyer and will pay additional KRW 6 billion. Powernet Technologies Corporation shall pay 10% of the consideration amounting to KRW 6.2 billion as down payment on the date of signing of contract, shall pay KRW 25.8 billion within one business day after the receipt of the due diligence report and five business days after the due date and Powernet will receive 2.5 million shares of Eyevision, The third payment of KRW 30 billion shall be paid by the other buyer at least three business days prior to the general meeting for the transfer of management rights. The balance payment deadline is October 31, 2019. Upon the receipt of balance payment, the sellers shall transfer the remaining 2.3 million shares to the other buyer. As of May 13, 2019, the buyers shall pay KRW 30 billion to directors and auditors of Eyesvision Corp. and Mercury Co., Ltd., at the general shareholders 'meeting to transfer the management right.
Powernet Technologies Corporation will use own funds to acquire the stake. The Board of Directors of Powernet Technologies Corporation passed a resolution for the transaction on May 10, 2019 and October 17, 2019. Powernet Technologies Corporation will acquire 2.5 million shares on May 31, 2019. As of May 31, 2019, Powernet Technologies Corporation completed the acquisition of 2.5 million shares amounting to 15.85% stake in Eyesvision Corp. and paid KRW 25.8 billion. The transaction is expected to complete on October 31, 2019.
Powernet Technologies Corporation (KOSDAQ:A037030) completed the acquisition of 15.9% stake in Eyesvision Corp. (KOSDAQ:A031310) from a group of sellers for KRW 32 billion on May 31, 2019.
POWERNET TECHNOLOGIES CORPORATION is a Korea-based company mainly engaged in the manufacturing and sale of switch mode power supply (SMPS) for consumer electronics. The Company operates its business through three segments. The Consumer Electronic segment manufactures and sells displays power supplies and audio-visuals power supplies, including adapters, SMPS, and power distribution (PD) boards. The Lighting and Printer segment manufactures and sells power products for lighting and printers, including SMPS, low-voltage power supplies (LVPS), and high-voltage power supplies (HVPS). The Other segment manufactures and sells other power supplies except consumer electronic segment and the lighting and printer segment.
POWERNET TECHNOLOGIES CORPORATION 
