Hungkuk Life Insurance Co., Ltd. and Heungkuk Fire & Marine Insurance Co., Ltd. agreed to acquire the insurance agency business of Total System & Information Service Co., Ltd. for approximately KRW 840 million.
July 03, 2012 at 12:00 am EDT
Share
Hungkuk Life Insurance Co., Ltd. and Heungkuk Fire & Marine Insurance Co., Ltd. (KOSE:A000540) agreed to acquire the insurance agency business of Total System & Information Service Co., Ltd. for approximately KRW 840 million on June 26, 2012. Hungkuk Life will pay KRW 84.66 million and Heungkuk Fire will pay KRW 756.83 million. As of end of 2011, the insurance agency business reported total assets of KRW 2077, liabilities of KRW 1358, and sales revenue of KRW 0.01 million. The transaction was resolved by the Board of Directors of Total System & Information Service Co. on June 26, 2012. The general meeting of shareholders is scheduled on June 27, 2012. An agreement will be signed between the parties in future. The transaction is expected to complete on July 1, 2012. The transaction will improve financial structure of Total System & Information through improvement of profit and loss.
Heungkuk Fire & Marine Insurance Co., Ltd. is a Korea-based company specialized in the non-life insurance business. The Company provides fire insurance, marine insurance, automobile insurance, travel insurance, leisure insurance, injury insurance, health insurance, long-term insurance, children's insurance, annuities and other specialized insurances for individuals and corporations. It also provides loan services, including contract loan, mortgage loan, credit loan and others.
Hungkuk Life Insurance Co., Ltd. and Heungkuk Fire & Marine Insurance Co., Ltd. agreed to acquire the insurance agency business of Total System & Information Service Co., Ltd. for approximately KRW 840 million.