MiCo BioMed Co., Ltd. agreed to acquire 98.3% stake in Siloam Biosciences, Inc from a group of shareholders for KRW 5.1 billion.
May 24, 2018
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MiCo BioMed Co., Ltd. (XKON:A214610) agreed to acquire Siloam Biosciences, Inc from a group of shareholders for KRW 4.7 billion on May 25, 2018. MiCo BioMed will acquire all shares of Siloam Biosciences and issue 0.6 million shares and pay KRW 0.07 million in cash. Consideration will be paid on August 16, 2018. As on July 2, 2018, MiCo BioMed Co. agreed to acquire 98.3% stake in Siloam Biosciences, Inc from 15 shareholders for KRW 4.9 billion. MiCo will acquire 0.17 million shares of Siloam Biosciences and issue 0.6 million shares and pay KRW 0.06 million in cash. As on October 26, 2018, the new shares of consideration have been issued. The deal is funded from retained funds.
Siloam Biosciences, Inc had total assets of KRW 1.1 billion, total capital of KRW 174.4 million, sales of KRW 124.8 million and net profit of KRW 61.2 million for the year ending December 31, 2017. The deal is resolved by Board of Directors on May 25, 2018. The deal is scheduled to close on July 31, 2018. The scheduled delivery date of new share certificates is September 28, 2018 and the scheduled listing date of new shares is October 1, 2018. The payment date is expected to be September 7, 2018. As per announcement made on September 5, 2018, the deal will be close on October 26, 2018 and the payment date is expected to be November 12, 2018. E-Chon Accounting Corporation acted as external rating institution.
MiCo BioMed Co Ltd, formerly MiCo NanoBioSys Co Ltd, is a Korea-based company mainly engaged in developing in vitro diagnostic (IVD) medical equipments and devices. The Company operates its business through three segments. The Molecular Diagnosis segment mainly manufactures and sells products such as nucleic acid extraction equipment, gene amplification equipment, reagents, and lab chips. The Biochemical Diagnosis segment mainly manufactures and supplies products such as complex diagnostics, anemia meters, blood glucose meters, medical devices and strips. The Immunodiagnostic Business segment mainly produces and sells immunodiagnostic devices and immunodiagnostic kits.