Feelux Co., Ltd completed the acquisition of 23.09% stake in VG Life Sciences Inc. from Alpha Holdings, Inc. and others for KRW 17.3 billion.
November 22, 2018
Share
Feelux Co., Ltd (KOSE:A033180) agreed to acquire 34.6% stake in VG Life Sciences Inc. (OTCPK:VGLS) from Alpha Holdings, Inc. (KOSDAQ:A117670) and others for KRW 18 billion on November 23, 2018. Feelux Co., Ltd will acquire 9.25 million shares of VG Life Sciences Inc. in cash. A deposit and second payment of KRW 10.8 billion will be paid on November 23, 2018 and the remaining balance of KRW 7.2 billion will be paid on April 30, 2019. Under the terms, Alpha Holdings will receive KRW 15.6 billion for its stake. The Board of Directors passed a resolution for the transaction on November 23, 2018. As of April 30, 2019, the balance of KRW 7.2 billion will be paid by November 30, 2019. As of November 29, 2019, the balance of KRW 7.2 billion will be paid by June 30, 2020. As of June 30, 2020, the balance of KRW 7.2 billion will be paid by December 15, 2020. The transaction is expected to be completed on April 30, 2019. Date of sale is December 15, 2020.
Feelux Co., Ltd (KOSE:A033180) completed the acquisition of 23.09% stake in VG Life Sciences Inc. (OTCPK:VGLS) from Alpha Holdings, Inc. (KOSDAQ:A117670) and others for KRW 17.3 billion on November 23, 2018. Feelux acquired 6.03 million shares of VG Life Sciences and will not acquire the other 3.08 million shares. The transaction is approved by the board of Feelux.
Alpha Holdings, Inc., formerly Alphachips Corp., is a Korea-based company engaged in the manufacture of system semiconductors. The Companyâs product portfolio consists of security integrated circuits (ICs), including security camera ICs and encryption ICs; mobile multimedia ICs, including multimedia ICs and camera signal processor ICs; mobile communication ICs, including digital multimedia broadcasting (DMB) ICs and wireless ICs; display ICs, including timing controller ICs, and other ICs, such as printer processor ICs. It also provides system on chip (SoC) design and development services.
ALPHA HOLDINGS, INC. 
