Daisan Housing Co signed a contract to acquire 14.12% stake in Lightron Inc. from KT Investment Partners Co., Ltd., SJ Invest Co.,Ltd., Asusequty, Plus Equity Partners and YT Global Networks Co., Ltd. for KRW 22.5 billion.
February 31, 2019
Share
Daisan Housing Co signed a contract to acquire 14.12% stake in Lightron Inc. (KOSDAQ:A069540) from KT Investment Partners Co., Ltd., SJ Invest Co.,Ltd., Asusequty, Plus Equity Partners and YT Global Networks Co., Ltd. for KRW 22.5 billion on February 1, 2019. Daisan Housing Co acquires 2 million shares at KRW 11,250 per share. As consideration a deposit of KRW 2.3 billion shall be paid on February 1, 2019, second payment of KRW 9 billion shall be paid on February 28, 2019 and balance of KRW 11.3 billion shall be paid on March 21, 2019.
Under the transaction, Daisan Housing Co acquires 1.05 million shares from Asusequty, acquires 0.05 million shares from YT Global, acquires 0.5 million shares from Plus Equity, acquires 0.25 million shares from KT Investment and acquires 0.15 million shares from SJ Invest. As of February 28, 2019, as per the amended terms, second payment of KRW 3 billion was made on February 28, 2019 and the balance KRW 17.3 billion will be paid on March 29, 2019. As on March 29, 2019, an amendment was made to the contract and now Daisan Housing Co will acquire 7.93% stake in Lightron Inc. (KOSDAQ:A069540) from Asusequty, Plus Equity Partners and Joonggun Oh for KRW 8.5 billion. The revised offer per share is approximately KRW 7604.
Under the revised terms, Asusequty will sell 0.3 million shares, Plus Equity Partners will sell 0.125 million shares and Joonggun Oh will sell approximately 0.7 million shares of Lightron Inc. Under the revised terms, the balance of KRW 3.3 billion will be paid on June 28, 2019. As of February 28, 2019, 0.3 million shares were received from Asusequty. As of June 28, 2019, 0.4 million shares were received from Joonggun Oh and the balance will be received by September 30, 2019. As of July 18, 2019, 0.15 million shares were received from Joonggun Oh and the balance will be received by September 30, 2019. The transaction is expected to be completed on March 29, 2019. The revised scheduled change date is June 28, 2019. The revised scheduled change date is September 30, 2019.
Lightron Fiber-Optic Devices Inc, formerly LIGHTRON INC, is a Korea-based company engaged in the provision of optical module solutions for communications. The Company is engaged in the provision of passive optical network (PON) units, PON optical line terminals, optical transceivers, PON triplexers and optical sub-assemblies used as high-speed Internet optical modules services through fiber to the home (FTTH), optical data links (ODL) division and radio frequency (RF) components businesses. In addition, the Company is engaged in the provision of small form pluggable (SFP) and giga bitrate interface converters (GBICs) used as network optical parts. The Company is also engaged in the provision of optical parts used for community antenna televisions (CATVs) and mobile communication receivers.
Daisan Housing Co signed a contract to acquire 14.12% stake in Lightron Inc. from KT Investment Partners Co., Ltd., SJ Invest Co.,Ltd., Asusequty, Plus Equity Partners and YT Global Networks Co., Ltd. for KRW 22.5 billion.