Snet systems Inc completed the acquisition of 19.2% stake in Insung Information Co., Ltd from Jaeseung Yoon and Jongyoon Won.
October 27, 2020
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Snet systems Inc (KOSDAQ:A038680) agreed to acquire 19.2% stake in Insung Information Co., Ltd (KOSDAQ:A033230) from Jaeseung Yoon and Jongyoon Won for KRW 20 billion on October 8, 2020. As per terms of transaction, consideration of down payment of KRW 12 billion is paid on October 08, 2020 and balance payment of KRW 8 billion will be payable on October 28, 2020. Consideration will be in cash and is financed from In-house funds. Jaeseung Yoon transferred 3.618517 million share for KRW 18 billion and Jongyoon Won transferred 0.402090 million shares for KRW 1.9 billion. Transaction is expected to complete on October 28, 2020.
Snet systems Inc (KOSDAQ:A038680) completed the acquisition of 19.2% stake in Insung Information Co., Ltd (KOSDAQ:A033230) from Jaeseung Yoon and Jongyoon Won on October 28, 2020.
Snet Systems Co., Ltd. is a Korea-based company engaged in the specialized in the provision of information technology (IT) solutions. The Company and its subsidiaries mainly engaged in the four businesses: network business, providing services for local area network (LAN) and wide area network (WAN), such as network consulting, design, construction, maintenance and education services; security business, providing network security and server security solutions to government agencies, financial institutions and telecom companies; ubiquitous business, providing radio frequency identification/ubiquitous sensor network (RFID/USN) solutions, and mobile WIMAX business, providing telecommunication network infrastructures to enable mobile users to access mobile Internet and to offer service providers solutions to run services. It also provides network equipment, such as routers, switches, WAN devices and hubs. In addition, it engages in the leasing of real estate.
S.NETSYSTEMS.INC. 
