Biosmart Corporation agreed to acquire 63.3% stake in Sigongsa Co., Ltd. from Jaeguk Jeon and others for KRW 7.4 billion.
May 07, 2018
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Biosmart Corporation (KOSDAQ:A038460) agreed to acquire 60.9% stake in Sigongsa Co., Ltd. from Jaeguk Jeon and others for KRW 7.2 billion on May 8, 2018. Biosmart Corporation agreed to acquire 63.3% stake in Sigongsa Co., Ltd. from Jaeguk Jeon and others for KRW 7.4 billion on May 25, 2018. Under the initial terms of transaction, Biosmart Corporation will acquire 0.37 million shares for KRW 7.2 billion. As of May 25, 2018, the acquisition terms are amended, under the amended terms, Biosmart Corporation will acquire 0.38 million shares of Sigongsa representing 63.3% stake. Post transaction, Biosmart Corporation will hold 63.3% stake in Sigongsa. For the year ended December 31, 2017, Sigongsa Co., Ltd. had total assets of KRW 25.4 billion, net assets of KRW 3 billion, sales of KRW 27.5 billion and net profits of KRW 1.3 billion. The transaction has been resolved by the Board of Biosmart Corporation. The transaction is expected to be completed by May 25, 2018.
BioSmart Co., Ltd. is a Korea-based company mainly engaged in credit card business. The Company produces and issues domestic credit cards and electronic money systems under the brand name BS, and provides credit card issuing services, mailing systems, issuing equipment such as embossers and transcribers, and sending machines such as card sending machines and mail sending machines. Its card category includes magnetic stripe cards, integrated circuit (IC) cards, smart cards, combination cards, radio frequency (RF) cards, global systems for mobile communications (GSM) cards and others. The Company also involves in the manufacture of biological chips, cosmetics and health food through its affiliates.
BIOSMART CO.,LTD. 
