Sports Works Co., Ltd. completed the acquisition of 57.65% stake in EWK Inc. from Taesung Boo, Myungsook Lee and Sungjin Boo.
September 16, 2019
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Sports Works Co., Ltd. signed a contract to acquire 57.65% stake in EWK Inc. (KOSDAQ:A258610) from Taesung Boo, Myungsook Lee and Sungjin Boo for KRW 31 billion on July 29, 2019. Sports Works Co., Ltd. will acquire 4.3 million shares at KRW 7,285 per share. KRW 3.1 billion, 10% of the consideration is paid as deposit at the time of contract, first intermediate payment of KRW 3.1 billion will be made on August 13, 2019, second intermediate payment of KRW 9.3 billion will be made on September 3, 2019 and balance will be paid in cash. As of September 3, 2019, the second intermediate payment of KRW 9.3 billion and the balance will be paid on September 16, 2019. As of September 16, 2019, KRW 9.3 billion and balance payment will be made on September 17, 2019. The transaction is expected to complete on September 17, 2019. As of September 3, 2019, the transaction is expected to be completed on September 16, 2019. As of September 16, 2019, the transaction is expected to be completed on September 17, 2019.
Sports Works Co., Ltd. completed the acquisition of 57.65% stake in EWK Inc. (KOSDAQ:A258610) from Taesung Boo, Myungsook Lee and Sungjin Boo on September 17, 2019. Taesung Boo sold 4.11 million shares amounting to 55.74% stake, Myungsook Lee sold 0.12 million shares amounting to 1.63% stake and Sungjin Boo sold 0.02 million shares amounting to 0.29% stake in EWK Inc. Sports Works Co., Ltd. used reserve funds to acquire the stake.
Caelum Co Ltd, formerly EWK Inc, is a Korea-based company principally engaged in the manufacture and sale of chemical and liquefied natural gas (LNG) facilities. The Company operates its business through three segments. The Chemical and LNG Facility Business segment is engaged in the manufacture and sale of heat exchangers, air cooled condensers, pressure vessels and others. The Geothermal Power Plant Business segment is engaged in the manufacture and sale of condensers, piping spools, separators and others. The Product Business segment is engaged in the distribution of products within domestic market to overseas markets.