Ninghe Cangxi Industrial Investment Partnership Company signed a contract to acquire Acrex China Inc. from Avista Inc. for KRW 2.7 billion.
December 17, 2017
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Ninghe Cangxi Industrial Investment Partnership Company signed a contract to acquire Acrex China Inc. from Avista Inc. (KOSE:A090370) for KRW 2.7 billion on December 18, 2017. For the year ended December 31, 2016, Acrex China Inc. reported total assets of KRW 16.6 billion, net assets of KRW 9.45 billion, revenue of KRW 25.4 billion and net loss of KRW 524.3 million. The transaction has been resolved by Board of Directors of Avista Inc. The transaction is expected to be completed by February 28, 2018. On February 28, 2018, the transaction is expected to be completed by April 30, 2018.
METALABS CO., LTD., formerly AVISTA INC., is a Korea-based company mainly engaged in the casual apparel business. The Company produces and sells casual apparel and accessories under the brand of BNX, which is feminine and romantic character for women in their twenties; TANKUS, which is casual apparel with detailed design and dynamic color and fabrics; eryn brinie, which is soft and simple character casual apparel, and Kai-aakmann, which is feminine and masculine look character for men and women in their twenties. In addition, it is engaged in the overseas wholesale and retail of products through its affiliates in Shanghai, New York and Milano.
METALABS CO., LTD. 
