INCOSBEE, Inc. cancelled the acquisition of an additional 39.1% in Hae Chang Co., Ltd. from a group of sellers.
August 05, 2020
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INCOSBEE, Inc. (KOSE:A006490) agreed to acquire an additional 39.1% in Hae Chang Co., Ltd. from a group of sellers for KRW 10.7 billion on August 6, 2019. As per terms, additional 14.2 million shares will be acquired. The consideration comprises issuance of convertible bonds for 9.7 million shares acquired and for 4.5 million shares acquired, new shares of INCOSBEE, Inc. will be issued. Post completion, INCOSBEE, Inc. will hold 58.5% stake or 21.3 million shares. For the year ended December 31, 2018, Hae Chang Co., Ltd. reported total assets of KRW 11.6 billion, net loss of KRW 14.4 billion and net assets of KRW 5.3 billion. The Board of Directors of INCOSBEE, Inc. resolved the deal on August 6, 2019. The deal is expected to close on August 13, 2019. Anse Accounting Corporation acted as external evaluator in the deal.
INCOSBEE, Inc. (KOSE:A006490) cancelled the acquisition an additional 39.1% in Hae Chang Co., Ltd. from a group of sellers on August 6, 2020.
Inscobee, formerly Contents And Pepole, Logistics Energy company,.LTD, is a Korea-based company mainly engaged in the wristwatch, automobile and smart grid businesses. The Company mainly operates in five business divisions: wristwatch division provides wristwatch products, including sports watches and watches for gifts under the brand names Odin and Dolphin; automobile division engages in the marketing of used cars; digital division provides computers and peripherals; smart grid division engages in the provision of automatic meter infrastructure (AMI) systems, and distribution division engages in the distribution of beverages under the brand name Tipco. The Company distributes its products within domestic market and to overseas markets.
INSCOBEE., INC. 
