Nokwon Commercials & Industries, Inc. (KOSDAQ:A065560) agreed to acquire a 48.17% stake in Haehwa Co., Ltd. from Cho Cheol, Jo Ji-hye, Jeong Hyeon-joo and Hong Eun-jin for KRW 15.3 billion on May 10, 2022. The total consideration will be paid in combination of KRW 7.63 billion cash and 7.7 billion of convertible bond. In a related transaction, Nokwon Commercials & Industries, Inc. agreed to acquire 51.8% stake in Haehwa Co., Ltd. from a group of sellers for KRW 12.28 billion. The transactions are expected to be financed from KRW 2 billion cash and KRW 25.9 billion of convertible bonds. The Haehwa had total assets of KRW 69.59 billion, total debt KRW 73.13 billion, total equity KRW -3.54 billion, sales KRW 81.44 billion and net income KRW 0.99 billion, based on the consolidated financial statements as of the end of 2021. The expected date of transfer is May 25, 2022.

Nokwon Commercials & Industries, Inc. (KOSDAQ:A065560) completed the acquisition of 48.17% stake in Haehwa Co., Ltd. from Cho Cheol, Jo Ji-hye, Jeong Hyeon-joo and Hong Eun-jin on May 25, 2022.