Smark Co.,Ltd agreed to acquire Mizline Co., Ltd. from Jungyeol Yoo, Minwoong Oh, Wonjik Han and Kyunghee Oh for KRW 10 billion.
July 17, 2018
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Smark Co.,Ltd (KOSDAQ:A030270) agreed to acquire Mizline Co., Ltd. from Jungyeol Yoo, Minwoong Oh, Wonjik Han and Kyunghee Oh for KRW 10 billion on July 18, 2018. Smark Co.,Ltd will acquire 0.11 million shares of Mizline Co., Ltd. Smark Co.,Ltd will make the payment in cash on July 18, 2018. Jungyeol Yoo will sell 0.06 million shares amounting to 53.33% stake and will receive KRW 5.33 billion as consideration, Minwoong Oh will sell 0.04 million shares amounting to 31.11% stake and will receive KRW 3.11 billion as consideration, Wonjik Han will sell 0.01 million shares amounting to 11.11% stake and will receive KRW 1.11 billion as consideration and Kyunghee Oh will sell 0.01 million shares amounting to 4.44% stake and will receive KRW 444 million as consideration.
Mizline Co., Ltd. reported total assets of KRW 8.55 billion and total capital of KRW 1.77 billion as at December 31, 2017. Mizline Co., Ltd. reported sales of KRW 10.42 billion and net profit of KRW 551.61 million in 2017. The Board of Directors passed a resolution for the transaction on July 18, 2018. The transaction is expected to be completed on July 18, 2018. Jeong Myung Accounting Corp. acted as the external rating institution.
SMARK CO., LTD, formerly KAHEE CO., LTD is a Korea-based company engaged in the manufacture and distribution of yarns. The Company produces cotton yarns, combed cotton yarns, blended yarns, slub yarns, core yarns and compact yarns for knitting, weaving and industrial uses. It also provides ring combed cotton yarns, ring slub yarns, stretch core spun yarns and others. The Company operates Gaju mills and Sinni mills with open ended spinners, which are also known as air spinnings, as well as ring spinners. The Company distributes its products within domestic market and to overseas markets.
KAHEE CO., LTD. 