A consortium of investors including KGMobilians Co., Ltd. cancelled the acquisition of 30% stake in Hyundai Swiss 3 Savings Bank Co., Ltd.
August 30, 2012 at 12:00 am EDT
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A consortium of investors including KGMobilians Co., Ltd. (KOSE:A046440) agreed to acquire 30% stake in Hyundai Swiss 3 Savings Bank Co., Ltd on June 12, 2012. KGMobilians Co., Ltd. will acquire 2 million shares of Hyundai Swiss 3 Savings Bank Co., Ltd., representing 12.49% stake, for KRW 10 billion. As of year ending June 30, 2011, Hyundai Swiss 3 Savings Bank Co., Ltd had revenues of KRW 77.1 billion, net loss of KRW 11.9 billion, total assets of KRW 733.3 billion and total common equity of KRW 54.1 billion. The Board of Directors of KGMobilians Co., Ltd. has passed the resolution for the transaction on June 12, 2012. As of June 29, 2012, the consortium of investors including KGMobilians Co., Ltd. amended the agreement to acquire 100% stake in Hyundai Swiss 3 Savings Bank Co., Ltd. instead of 30% stake. The acquisition amount will be decided through mutual agreement. The completion date for the acquisition has been postponed from June 27, 2012 to September 30, 2012.
A consortium of investors including KGMobilians Co., Ltd. (KOSE:A046440) cancelled the acquisition of 30% stake in Hyundai Swiss 3 Savings Bank Co., Ltd on August 30, 2012.
KGMobilians Co., Ltd is a Korea-based company mainly engaged in the development and provision of wired and wireless payment services. The Company operates its business through two divisions: payment business division and other business division. Its payment business mainly provides payment solutions, such as mobile phone payment solutions, wired phone payment solutions, credit card payment solutions, account transfer services, prepaid card services and wireless online billing solutions. Its other business division is engaged in the certification business, which provides systems management servers (SMS) certification and mobile one time passwords (MOTP) services. The Company supplies its products within domestic market and to overseas markets.
KG MOBILIANS CO., LTD 
