Core Logic Inc. cancelled the acquisition of 98.96% stake in M.I.Tech Co., Ltd. from Dong-A ST Co., Ltd..
July 28, 2017
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Core Logic Inc. (KOSDAQ:A048870) agreed to acquire 98.96% stake in M.I.Tech Co., Ltd. from Dong-A ST Co., Ltd. (KOSE:A170900) for KRW 30 billion on July 29, 2016. Core Logic will acquire 2.35 million shares in the deal. A deposit of KRW 3 billion will be received on July 29, 2016, and the remaining balance will be received on August 12, 2016. The deposit of KRW 3 billion will be paid with Core Logic's internal operation funds, and the remaining balance of KRW 27 billion will be paid with the funds raised from the convertible bonds on August 12, 2016. Dong-A ST Co., Ltd had total assets of KRW 17.5 billion, sales of KRW 13.1 billion and net profit of KRW 1.3 billion for the year ended December 31, 2015. The Board of Dong-A ST Co resolved the deal on July 29, 2016. The scheduled completion date is August 12, 2016.
Core Logic Inc. (KOSDAQ:A048870) cancelled the acquisition of 98.96% stake in M.I.Tech Co., Ltd. from Dong-A ST Co., Ltd. (KOSE:A170900) on July 29, 2017.
MITECH CO.,LTD. is a Korea-based company mainly engaged in the manufacturing and sale of stents. Stents include biliary, esophagus, pyloric, large intestine, duodenal stents, and stents for sample and study, among others. The Companyâs stents are sold under the brand names of CHOOSTENT and HANAROSTENT. In addition, the Company is engaged in the manufacture and sale of low frequency therapies, crushers and blood glucose meters. The Company distributes its products within the domestic market and to overseas markets.