Diorpharm Co., Ltd. completed the acquisition of 11.4% stake in PharmswellBio Co., Ltd. from Service-In Co., Ltd.
December 23, 2015
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Wings Group Co., Ltd. signed a contract to acquire 11.37% stake in PharmswellBio Co., Ltd. (KOSDAQ:A043090) from Merit-In for KRW 11 billion on September 9, 2015. Wings Group Co., Ltd. is acquiring 2.19 million shares and paying KRW 5005 per share. As of November 25, 2015, the contract was amended and the stake would now be acquired by Diorpharm Co., Ltd. Diorpharm Co., Ltd. will acquire approximately 2.19 million shares in PharmswellBio at a price of KRW 4253.68 per share for a total deal value of KRW 9.3 billion. In a related transaction, Diorpharm Co., Ltd. will acquire 9.87% stake in PharmswellBio Co., Ltd. from IBDT Co., Ltd. for KRW 6.8 billion on November 25, 2015. Diorpharm Co., Ltd. will pay KRW 7.3 billion on November 25, 2015 and make the balance payment of KRW 8.9 billion on December 29, 2015. As of March 22, 2016, the balance payment of KRW 8.9 billion will be made on June 30, 2016. As on June 30, 2017, the payment schedule date is changed to December 29, 2017. As on July 11, 2017, the payment schedule is on July 8, 2017, Diorpharm Co., Ltd. won a definitive judgment at the check of absence of debt and balance after payment is KRW 2.4 billion. As per the amendment report dated December 29, 2017, the balance payment of KRW 1.9 billion will be completed by June 29, 2018.
Diorpharm Co., Ltd. completed the acquisition of 11.4% stake in PharmswellBio Co., Ltd. (KOSDAQ:A043090) from Service-In Co., Ltd on December 24, 2015.
The Technology Co Ltd, formerly Exergy21 Co Ltd, is a Korea-based company mainly engaged in the distribution business. The Company manly operates its business through four segments. The Distribution Business segment engages in the food processors, luxury goods, healthy food, kitchen appliances and home shopping goods distribution business. The PM business segment provides consulting services for real estate development, licensing, and contractor selection. The Pharmaceutical segment engages in ethanol and disinfectant manufacture business. The Other segment provides business support services. The Company also engages in information technology (IT) services, artificial intelligence (AI) and drone based security solutions, as well as heat pump system provision business.