Saw Co., Ltd. cancelled the acquisition of 13.988114% stake in Jayjun Cosmetic Co., Ltd. from IokCompany Co., Ltd..
September 15, 2022
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Saw Co., Ltd. agreed to acquire a 13.988114% stake in Jayjun Cosmetic Co., Ltd. (KOSE:A025620) from IokCompany Co., Ltd. (KOSDAQ:A078860) for KRW 35 billion on September 8, 2022.
Saw Co., Ltd. cancelled the acquisition of 13.988114% stake in Jayjun Cosmetic Co., Ltd. (KOSE:A025620) from IokCompany Co., Ltd. (KOSDAQ:A078860) on September 16, 2022. As per the escrow contract, a down payment of KRW 2 billion was to be deposited into the account of IOK Company on September 15, 2022, but as the deposit was not deposited (non-fulfillment), IOK Company decided to cancel the stock purchase contract.
IOKCOMPANY Co., Ltd. is a company mainly engaged in the entertainment business. Along with subsidiaries, the Company operates its business through two segments. The Entertainment Business segment is engaged in artist management, manufacturing and sales of cosmetics and fashion products. Cosmetics are sold under the name of KOY. Fashion products are sold under the name of atti.k. The Information and Communication Technology (ICT) Business is engaged in the provision of wireless Internet solutions and services.
IOKCOMPANY CO., LTD. 
