BAIKSAN Co,. Ltd agreed to acquire 85.7% stake in Chol & Shin's Co., Ltd. for KRW 51 billion.
June 03, 2018
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BAIKSAN Co,. Ltd (KOSE:A035150) agreed to acquire 85.7% stake in Chol & Shin's Co., Ltd. from a group of sellers for KRW 51 billion on June 4, 2018. As per terms, BAIKSAN Co,. Ltd will acquire 0.85 million shares of Chol & Shin's Co., Ltd. The consideration will be paid in cash. 10% of the consideration will be paid as deposit and the remaining will be paid at completion. The transaction will be financed through retained funds and borrowings/loans of BAIKSAN Co,. Ltd. For the year ended December 31, 2017, Chol & Shin's Co., Ltd. reported sales of KRW 149.7 billion and net loss of KRW 1.2 billion. As of December 31, 2017, Chol & Shin's Co., Ltd. reported total assets of KRW 86.1 billion and total capital of KRW 40.7 billion. The Board of Directors of BAIKSAN Co,. Ltd passed a resolution on the transaction on June 4, 2018. The transaction is expected to close on July 4, 2018. Samjung Public Account Firm acted as external rating institution.
BAIKSAN Co., Ltd is a Korea-based company mainly engaged in the manufacture and distribution of synthetic leathers. Along with its subsidiaries, the Companyâs main products are synthetic leathers which are polyurethane synthetic leathers used for sports shoes, electrical products, automobile internal materials, furniture and others. The Companyâ subsidiaries are P.T.BAIKSAN INDONESIA, DONGGUAN BAIKSAN and BAIKSAN VIETNAM. It distributes its products within domestic market and to overseas markets.
BAIKSAN CO,. LTD 
