Nanobiosys Inc. completed the acquisition of Micobiomed Co., Ltd. from MiCo Ltd., Sun-Kyu Jeon, Byungseung Kang and others.
November 16, 2017
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Nanobiosys Inc. (XKON:A214610) signed a merger contract to acquire Micobiomed Co., Ltd. from MiCo Ltd. (KOSDAQ:A059090), Sun-Kyu Jeon, Byungseung Kang and others for KRW 35.3 billion on August 31, 2017. Under the terms, Nanobiosys Inc. will acquire Micobiomed Co., Ltd. in a statutory merger with a merger ratio between Nanobiosys Inc. : Micobiomed Co., Ltd of 1:0.5667231. As a result, Nanobiosys Inc. will issue a total of 4.88 million shares in the transaction. After the transaction, Micobiomed Co., Ltd. will dissolve and Nanobiosys Inc. will continue to survive. As a result of the transaction, Nanobiosys Inc. will change its name to MiCo NanoBioSys Co., Ltd.
For the year ended December 31, 2016, Micobiomed Co., Ltd. had total assets of KRW 8.2 billion, total capital of KRW 4.8 billion, sales of KRW 9.0 billion, and net loss of KRW 3 billion. The transaction is subject to approval of the shareholders of both Nanobiosys Inc. and Micobiomed Co., Ltd. and was resolved by the Board of Directors of Nanobiosys Inc. on August 31, 2017. The approval of two thirds (2/3) or more of all the voting rights present during the meeting, one thirds (1/3) or more of the total number of issued shares is required. The shareholders' meeting is expected to be held on October 11, 2017 and the transaction is expected to close on November 12, 2017. As per the amendment on September 5, 2017, the shareholders' meeting is expected to be held on October 16, 2017 and the transaction is expected to close on November 17, 2017. As on October 16, 2017, transaction has been approved by shareholders of Nanobiosys Inc. The transaction will have a positive impact on the financial and operating performance of the merged company. KPMG Samjong Accounting Corp. acted as an auditor to Micobiomed Co., Ltd.
Nanobiosys Inc. (XKON:A214610) completed the acquisition of Micobiomed Co., Ltd. from MiCo Ltd. (KOSDAQ:A059090), Sun-Kyu Jeon, Byungseung Kang and others on November 17, 2017. Sun-Kyu Jeon held 0.93% and Byungseung Kang held 0.23% and post deal will hold no shares in Micobiomed.
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.
MICO BIOMED CO., LTD. 