Virtualtek Corp cancelled the acquisition of Viva Work Co., Ltd. from Jungil Park.
May 12, 2020
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Virtualtek Corp (KOSDAQ:A036620) agreed to acquire Viva Work Co., Ltd. from Jungil Park for KRW 6.5 billion on May 13, 2019. Under the terms of transaction, Virtualtek Corp will acquire 0.1 million shares in Virtualtek Corp. KRW 1.3 billion will be paid on May 13, 2019; and KRW 5.2 billion will be paid on June 10, 2019. For the year ended December 31, 2018, Viva Work Co., Ltd. had total assets of KRW 4.1 billion, net assets of KRW 2.3 billion, sales of KRW 11.3 billion and net income of KRW 442 million. The transaction has been resolved by the Board of Virtualtek Corp. The transaction is expected to be completed by May 13, 2019. Samhwa Accounting Firm acted as external evaluation body in the transaction.
Virtualtek Corp (KOSDAQ:A036620) cancelled the acquisition of Viva Work Co., Ltd. from Jungil Park on May 13, 2020.
Gamsung Corporation Co Ltd, formerly VirtualTek Corp, is a Korea-based company mainly engaged in the sale of mobile phone peripherals. The Company is engaged in the business of manufacturing, importing and distributing mobile phone auxiliary batteries, chargers, and smartphone accessory products. In addition, the Company operates business in the production and manufacturing of clothing and sports goods, management of intellectual property rights such as brands and trademarks, as well as license business.