CUROHOLDINGS Co., Ltd. acquired a 54% stake in I.T Engineering Co., Ltd. from GNCO Co., Ltd., POSCO and other shareholders for KRW 0.29 million on March 6, 2020.
March 08, 2020
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CUROHOLDINGS Co., Ltd. (KOSDAQ:A051780) agreed to acquire 54% stake in I.T Engineering Co., Ltd. from GNCO Co., Ltd. (KOSDAQ:A065060), POSCO (KOSE:A005490) and other shareholders for KRW 0.29 million on December 31, 2019. CUROHOLDINGS Co., Ltd. signed a merger agreement to acquire 54% stake in I.T Engineering Co., Ltd. from GNCO Co., Ltd., POSCO and other shareholders on January 03, 2020. The consideration shall be paid in stock in the ratio of one share of CUROHOLDINGS Co., Ltd. for every 122.3203343 shares of I.T Engineering Co., Ltd. CUROHOLDINGS Co., Ltd. will acquire 45%, 6% and 3% stake from GNCO Co., Ltd., POSCO, and other shareholders respectively. For the year ending December 31, 2018, total assets, total debt, revenue, operating loss and net loss was KRW 13.3 billion, KRW 9.6 billion, KRW 1.4 billion, KRW 3.7 billion and KRW 4.1 billion respectively. The transaction was approved by the board of directors of CUROHOLDINGS Co., Ltd. and I.T Engineering Co., Ltd. on February 3, 2020.
CUROHOLDINGS Co., Ltd. (KOSDAQ:A051780) completed the acquisition of a 54% stake in I.T Engineering Co., Ltd. from GNCO Co., Ltd. (KOSDAQ:A065060), POSCO (KOSE:A005490) and other shareholders on March 6, 2020.
GNCO CO. LTD. is a Korea-based company mainly engaged in the manufacturing and sale of casual apparels. The Company manufactures and sells womenâs and menâs casual apparels including outwear and underwear, and accessories including bags, shoes, ties, jewelries, gloves, among others under five brands, including Thursday Island, which is a urban vintage casual brand mainly for women; T.I FOR MEN, which is a men's casual brand mixing the formal and casual style; ELOQ, which is a unisex casual brand; LOUDMUT, a womenâs casual brand, and PHENOM, which is a concept store brand specializing in selling imported accessories in Northern European style. It distributes its products through distribution agencies, departments and online shopping malls www.gncostyle.com. In addition, the Company is involved in financial investment business.
CUROHOLDINGS Co., Ltd. acquired a 54% stake in I.T Engineering Co., Ltd. from GNCO Co., Ltd., POSCO and other shareholders for KRW 0.29 million on March 6, 2020.
GNCO CO., LTD. 
