Kolmask Co., Ltd. entered into letter of intent agreement to acquire JKM Co., Ltd. from Jayjun Cosmetic Co., Ltd. for KRW 32 billion.
July 28, 2019
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Kolmask Co., Ltd. entered into letter of intent agreement to acquire JKM Co., Ltd. from Jayjun Cosmetic Co., Ltd. (KOSE:A025620) for KRW 32 billion on April 29, 2019. As of July 29, 2019, Kolmask Co., Ltd. entered into stock purchase agreement to acquire JKM Co., Ltd. from Jayjun Cosmetic Co., Ltd. The payment for the acquisition will be made in cash. As of July 29, 2019, a deposit of KRW 3.2 billion will be paid to Jayjun Cosmetic Co., Ltd. and the balance amount will be paid on the 7th day after the Fair Trade Commission's approval date. JKM Co., Ltd. generated total assets of 214.9 billion during the year ended December 31, 2018.The transaction is subject to the Fair Trade Commission's approval. The transaction is expected to close on August 30, 2019. Hanul Accounting Firm acted as external evaluation body in the transaction.
Jayjun Cosmetic Co., Ltd., formerly Jayjun CO., LTD. is a Korea-based company engaged in the manufacture of leather fabrics. The Company provides leather fabrics, which are used for manufacturing of car seats, shoes, hand bags, garments, upholstery goods and other leather goods. The Company distributes its products within domestic market and to overseas markets.
JAYJUN COSMETIC CO., LTD. 
