Gyu-Myeon Cho cancelled the acquisition of 30.19% stake in Wizit Co. Ltd. from Geun-Cheol Lee.
April 25, 2013 at 12:00 am
Share
Gyu-Myeon Cho signed a contract to acquire 30.19% stake in Wizit Co. Ltd. (KOSE:A036090) from Geun-Cheol Lee for KRW 17 billion on April 5, 2013. Gyu-Myeon Cho will pay KRW 1.7 billion in cash, KRW 6.8 billion in marketable securities, and balance KRW 8.5 billion will be paid on completion which is 3 days before the extraordinary meeting of Wizit Co. Ltd.'s shareholders. Gyu-Myeon Cho will acquire 10 million shares. 5 million shares of Wizit will be paid together with the payment of KRW 6.8 billion on April 25, 2013 and 5 million shares will be transferred after the remaining balance of KRW 8.5 billion is paid. In case Gyu-Myeon Cho fails to pay the amount of KRW 6.8 billion as the deposit by April 25, 2013, the entire deposit will be paid to the Geun-Cheol Lee and the Gyu-Myeon Cho will not have any rights to object. The transaction is expected to close on May 21, 2013.
Gyu-Myeon Cho cancelled the acquisition of 30.19% stake in Wizit Co. Ltd. (KOSE:A036090) from Geun-Cheol Lee on April 25, 2013. The transaction was cancelled as deposit of KRW 6.8 billion was not paid by April 25, 2013.
Wizit. Co., Ltd is a Korea-based company mainly engaged in the manufacture of liquid crystal display (LCD) and semiconductor components. The Company provides two categories of products: LCD components, including upper electrodes, lower electrodes, susceptors, diffusers, chucks, coater chucks and others, which are used in etching and chemical vapor deposition (CVD) processes, and semiconductor components, such as consumable spare parts and others. The Company distributes its products within domestic market and to overseas market. Its main partners are SAMSUNG MOBLIE DISPLAY, LG DISPLAY, WONIK IPS, LG Innotek and others.