BGI Investment Limited entered into an agreement to acquire 10.8% stake in Midong & Cinema Co., Ltd. from Shanghai Youfeng Touzi Zhongxin for KRW 7.4 billion.
December 18, 2018
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BGI Investment Limited entered into an agreement to acquire 10.8% stake in Midong & Cinema Co., Ltd. (KOSDAQ:A161570) from Shanghai Youfeng Touzi Zhongxin for KRW 7.4 billion on December 18, 2018. Under the terms of the transaction, BGI Investment Limited will acquire 1.49 million shares at KRW 5,000 per share. The first payment will be done on January 31, 2019 and the final payment will be done February 28, 2019. The payment terms also includes a deposit which will be returned on closing. As per the amendment on December 26, 2018, 0.59 million shares for KRW 2.97 billion will be transferred on January 31, 2019 and 0.89 million shares for KRW 4.46 billion will be transferred on February 28, 2019. In a related transaction, BGI Investment Limited will also acquire 1.4 million new shares of Midong & Cinema Co., Ltd. and will hold 18.98% stake upon completion of both transactions. The transaction is expected to close on February 28, 2019.
THE MIDONG Co,. Ltd, formerly Midong & Cinema Co,. Ltd., is a Korea-based company primarily engaged in the manufacturing and distribution of automotive black boxes. The Company offers its products under the brand name of Urive. The Companyâs products include liquid crystal display (LCD) black boxes, video graphics arrays (VGAs), high-definition (HD) black boxes and others. The Company distributes its products within domestic market and to overseas markets.
BGI Investment Limited entered into an agreement to acquire 10.8% stake in Midong & Cinema Co., Ltd. from Shanghai Youfeng Touzi Zhongxin for KRW 7.4 billion.