GNCO Co., Ltd. completed the acquisition of 58.5% stake of I.T Engineering Co., Ltd. from POSCO.
November 19, 2017
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GNCO Co., Ltd. (KOSDAQ:A065060) agreed to acquire 13.6% stake in I.T Engineering Co., Ltd. from POSCO (KOSE:A005490) for KRW 2.6 billion on November 7, 2017. Under the terms of the transaction, 2,500 preferred stock and 1,700 common stock will be acquired. Post transaction, GNCO will own 13.6% stake in IT Engineering. IT Engineering reported total assets of KRW 5.03 billion, net assets of KRW 3.1 billion, sales of KRW 3.5 billion and net loss of KRW 454 million for the year ended December 31, 2016. The transaction is resolved by the Board of GNCO Co., Ltd. The transaction is expected to close on November 8, 2017.
GNCO Co., Ltd. (KOSDAQ:A065060) completed the acquisition of 13.6% stake of I.T Engineering Co., Ltd. from POSCO (KOSE:A005490) on November 20, 2017.
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.
GNCO CO., LTD. 