Feelingk Co., Ltd cancelled acquisition of 63% stake in CREAS F&C INC. from Jin Seok Woo and Junghwa Yoon.
March 29, 2018
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Feelingk Co., Ltd (KOSDAQ:A064800) agreed to acquire 63% stake in CREAS F&C INC. from Jin Seok Woo and Junghwa Yoon for approximately KRW 170 billion on March 30, 2017. Under the terms of the transaction, Feelingk Co., Ltd will acquire 0.16 million shares of CREAS F&C INC. As part of the consideration, the deposit of KRW 45 billion to be paid by Feelingk Co., Ltd on March 30, 2017 and the remaining balance of KRW 127.5 billion to be paid at the time of completion of the transaction. Feelingk Co., Ltd will acquire 11.54% stake from Jin Seok Woo for a transfer price of KRW 31.59 billion and 51.46% stake from Junghwa Yoon for a transfer price of KRW 140.91 billion. On March 30, 2017, the deposit is paid. For the year ended December 31, 2016, CREAS F&C INC. reported total revenues of KRW 204.28 billion, total assets of KRW 152.92 billion and net income of KRW 20.31 billion. As of March 30, 2017, Board of Feelingk Co., Ltd resolved the transaction. The transaction is expected to close on May 15, 2017. Lian Accounting Corporation acted as the external rating institution in the transaction.
Feelingk Co., Ltd (KOSDAQ:A064800) cancelled acquisition of 63% stake in CREAS F&C INC. from Jin Seok Woo and Junghwa Yoon on March 30, 2018.
GemVaxLink Co Ltd, formerly Feelingk Co Ltd, is a Korea-based company mainly engaged in the sale of clothing miscellaneous goods. The Company operates its business through two segments. The Overseas Fashion Business segment sells apparel, fashion, miscellaneous goods, and luxury goods. The Wireless Internet Solution Business segment mainly develops wireless Internet solutions such as short message service center (SMSC) and long message service center (LMSC) systems, wireless application protocol (WAP) gateways and multimedia message service center (MMSC) systems, and other wireless Internet solutions such as ring back tone (RBT), unified messaging system (UMS) as well as wireless Internet platforms for interoperability (WIPI) globalization solutions under the brand name of Feelingk. The Company also involves in the management consulting and real estate rental business.