KOSSEN Co., Ltd. (KOSDAQ:A009730) agreed to acquire additional 14.57% stake in Biogenicskorea Co., Ltd. from a group of sellers for KRW 13.6 billion on February 12, 2019. Payment will be made in cash. A total of 0.25 million shares will be acquired as part of the deal. KRW 4.9 billion will be paid on February 12, 2019, KRW 334.95 million will be paid on February 15, 2019, KRW 1.2 billion will be paid on March 18, 2019 and remaining KRW 7.1 billion will be paid on April 30, 2019. As of February 28, 2019, the payment schedule has been amended, KRW 4.67 billion will now be paid until March 18, 2019 and KRW 3.6 billion will be paid on April 30, 2019. As per amended report on March 18, 2019, KOSSEN paid KRW 584.1 million on March 18, 2019 and will pay KRW 7.12 billion on May 2, 2019 and will pay KRW 584.1 million on May 31, 2019. As of May 2, 2019, KOSSEN will pay KRW 584.1 million on May 31, 2019 and KRW 7.12 billion until July 1, 2019. As per the amendment on July 1, 2019, KOSSEN will pay balance of KRW 7.12 billion until October 31, 2019. As of March 4, 2020, the payment of KRW 7.12 billion, will be done on March 31, 2020. As of April 29, 2020, the payment of KRW 7.1 billion, will be done on May 29, 2020. As on May 29, 2020, payment of KRW 500 million will be done on June 15, 2020 and KRW 6.6 billion will be done on August 28, 2020. As of June 15, 2020, payment of KRW 50 million will be done on June 15, 2020, KRW 450 million will be done on July 15, 2020 and KRW 6.6 billion will be done on August 28, 2020. As of July 15, 2020 payment of KRW 450 million will be done on August 15, 2020. As per amended report on August 7, 2020 payment of KRW 450 million will be done on September 4, 2020 and KRW 6.6 billion will be done on October 30, 2020. As on September 4, 2020, payment of KRW 450 million will be done on November 4, 2020 and KRW 6.62 billion till November 30, 2020. As per update dated November 4, 2020, payment of KRW 450 million will be made on February 6, 2021 and KRW 6.62 billion will be made within February 26, 2021. As per update dated February 4, 2021, payment of KRW 450 million will be made on August 4, 2021 and KRW 6.62 billion will be made within August 26, 2021. As of December 6, 2021, payment of KRW 450 million will be made on May 20, 2022 and KRW 6.6 billion on June 30, 2022. As of January 21, 2022, Additional down payment of 391,779,500 won by January 21, 2022, Interim payment of 741,779,500 won by March 21, 2022 and Balance of 5,934,236,000 won by July 21, 2022. After the completion of the deal, KOSSEN Co., Ltd. will hold 0.81 million shares in Biogenicskorea representing 47.74% stake. As per amended report on March 18, 2019, KOSSEN Co., Ltd. will hold 0.81 million shares in Biogenicskorea representing 48.15% stake. Wellbiotec Co., Ltd. will sell 0.134 million share and after completion will hold no stake in Biogenicskorea.

Biogenicskorea reported total assets of KRW 18.5 billion and net assets of KRW 8.01 billion as of November 2018. Board of KOSSEN Co., Ltd resolved in favor of the deal on the same date. Deal is scheduled to close on April 30, 2019. As of March 18, 2019, deal is scheduled to close on May 31, 2019. As of May 2, 2019, completion is expected on July 1, 2019. As of July 1, 2019, the completion is expected on October 31, 2019. As of October 31, 2019, completion is expected on December 6, 2019. As of December 6, 2019, transaction is expected to complete on January 31, 2020. As of January 30, 2020, transaction is expected to complete on March 4, 2020. As of March 4, 2020, the transaction is expected to close on March 31, 2020. As of March 31, 2020, the transaction is expected to close on April 29, 2020. As of April 29, 2020, the transaction is expected to close on May 29, 2020. As of May 29, 2020, the transaction is expected to close on August 28, 2020. As of August 7, 2020, the transaction is expected to complete on October 30, 2020. As of September 4, 2020, the transaction is expected to close on November 30, 2020. As of November 4, 2020, the transaction is expected to be completed by February 26, 2021. As of February 4, 2021, the transaction is expected to close by August 26, 2021. As of August 4, 2021, transaction is expected to close on December 28, 2021. As of December 6, 2021, the transaction is expected to close on June 30, 2022. As of January 21, 2022, the transaction is expected to close on July 21, 2022. As of June 21, 2022, the transaction is expected to complete on December 21, 2022.E-One Accounting Corporation acted as external rating institution. Ichon Accounting Firm acted as the external auditor for Biogenicskorea Co., Ltd.

KOSSEN Co., Ltd. (KOSDAQ:A009730) cancelled the acquisition of additional 14.57% stake in Biogenicskorea Co., Ltd. from a group of sellers on December 21, 2022. The contract has been terminated due to non-payment of the balance payment.