Next Bt Co., Ltd. completed the acquisition of the remaining 77.7% stake in TCM Biosciences Inc..
July 16, 2020
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Next Bt Co., Ltd. (KOSDAQ:A065170) agreed to acquire the remaining 77.7% stake in TCM Biosciences Inc. (XKON:A228180) for KRW 37 billion on April 20, 2020. Under the terms, Next Bt will issue 8.09 of its own shares for each share of TCM Biosciences. Next Bt will issue 20.5 million shares as consideration. Next BT will remain listed on exchange post acquisition and TMC will become wholly owned subsidiary of Next Bt Co. Complete name of the parent company post exchange and transfer of shares will be Nextbit Co., Ltd. There will be no newly appointed executives of NextBit Inc. due to the share exchange. The transaction needs to be approved by the shareholders of TCM and Next Bt. The boards of TCM and Next Biosciences passed the resolution on the transaction on April 20, 2020. On June 1, 2020, the notice of convocation of the general meeting was send to shareholders of both companies for and notification period for objection to the transaction was up to June 15, 2020. As of June 16, 2020, shareholders of both Next Bt and TCM approved the transaction.
Next Bt Co., Ltd. (KOSDAQ:A065170) completed the acquisition of the remaining 77.7% stake in TCM Biosciences Inc. (XKON:A228180) on July 17, 2020.
BL PharmTech Corp, formerly Next BT Co Ltd, is a Korea-based company primarily engaged in the manufacture and sale of health foods. The Company operates its business through four segments. The Health Functional Food Business segment is engaged in the manufacture and sale of products such as red ginsengs, diet foods and vitamins. The Cosmetics Business segment is engaged in the manufacture and sale of anti-aging skincare products and, among others. The Diagnostic and Medical Business segment is engaged in the manufacture and sale of diagnostic kits and other products. The Other segment is engaged in the distribution of health foods and other products.
BL PHARMTECH CORP. 
