HW1 Fund, WSOPEF and Axent Co., Ltd. signed an agreement to acquire 37.48% stake in Sewon Co., Ltd. from Kichul Yoo, Chaerak Kim and Yoonchan Yoo for KRW 23.5 billion.
April 23, 2018
Share
HW1 Fund, WSOPEF and Axent Co., Ltd. signed an agreement to acquire 37.48% stake in Sewon Co., Ltd. (XKON:A234100) from Kichul Yoo, Chaerak Kim and Yoonchan Yoo for KRW 23.5 billion on April 23, 2018. Under the terms of the transaction, Kichul Yoo, Chaerak Kim and Yoonchan Yoo will transfer 1.14 million, 0.11 million shares and 0.11 million shares respectively at KRW 17,253 per share. Out of total consideration, KRW 11 billion will be paid upon signing of contract and 0.64 million shares will be transferred and remaining amount will be paid until April 30, 2018 and remaining shares will be transferred upon payment. Upon completion, Kichul Yoo, Chaerak Kim, and Yoonchan Yoo will hold no stake in Sewon Co., Ltd. As of April 26, 2018, Kichul Yoo, Chaerak Kim and Yoonchan Yoo have transferred 0.64 million shares to HW1 Fund, WSOPEF and Axent Co., Ltd. The transaction is expected to close on April 30, 2018.
Sewon Co Ltd is a Korea-based company mainly engaged in the heating, ventilation and air conditioning (HAVC) related parts. The Company operates its business through three segments. The Automotive Air Conditioning Part segment is mainly engaged in the production and sale of air conditioning related parts such as header capacitors, radiator caps, evaporators and pipes. In addition, the segment also engaged in the production and sale of other auto parts such as wipers and seat motor brackets. The Synthetic Yarn segment is mainly engaged in the manufacture and sale of yarn for wigs. The Chemical segment is mainly engaged in the manufacture and sale of optical monomers.
HW1 Fund, WSOPEF and Axent Co., Ltd. signed an agreement to acquire 37.48% stake in Sewon Co., Ltd. from Kichul Yoo, Chaerak Kim and Yoonchan Yoo for KRW 23.5 billion.
SEWON CO.,LTD 
