Texcell-NetCom Co., Ltd. completed the acquisition of 41.84% stake in Golden Bridge Investment & Securities Co., Ltd from Golden Bridge Co., Ltd.
June 04, 2019
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Texcell-NetCom Co., Ltd. (KOSDAQ:A038540) entered into an agreement to acquire 41.84% stake in Golden Bridge Investment & Securities Co., Ltd (KOSE:A001290) from Golden Bridge Co., Ltd. for KRW 42 billion on February 19, 2018. Under the terms of the transaction, Texcell-NetCom Co., Ltd. will acquire 21.2 million shares of Golden Bridge Investment & Securities Co., Ltd. The transaction will be funded by self-financed funds of Sangsangin Co., Ltd.
The transaction was resolved by the Board of directors of Golden Bridge Investment & Securities Co., Ltd. The scheduled acquisition date of the contract was resolved to be on December 31, 2019, when the full transfer of ownership, including the security of shares provided as collateral by Golden Bridge Co., Ltd was to be made. However, Texcell-NetCom Co., Ltd. through that the reason for the cancellation of the contract due to the expiration of the government's approval period (December 31, 2018) under the terms of the contract cancellation has occurred. But Golden Bridge Co., Ltd. has appealed for a re-examination of the case thus the specific details of the contract will be discussed and announced again at the time the agreement is finalized. The transaction has obtained approval from Financial Services Commission on March 6, 2019.
As on March 7, 2019, Texcell-NetCom Co., Ltd. completed the acquisition of 26.06% stake in Golden Bridge Investment & Securities Co.,Ltd. Under the terms, 13.2 million shares acquired on March 7, 2019, immediately after the approval of Change in the largest shareholder by the Financial Services Commission, and the remaining 8 million shares will be acquired by Texcell-NetCom on December 31, 2019. In addition, the transfer of 8,000,000 share ownership provided as collateral may change during negotiation between the Golden Bridge and the lien.
Texcell-NetCom Co., Ltd. (KOSDAQ:A038540) completed the acquisition of 41.84% stake in Golden Bridge Investment & Securities Co., Ltd (KOSE:A001290) from Golden Bridge Co., Ltd. on June 5, 2019.
Sangsangin Co., Ltd., formerly Texcell-Netcom Co., Ltd., is a Korea-based company mainly engaged in the provision of network solutions. The Company operates its business through three main divisions: communication division, information service division and financial division. Its communication division provides network equipment, design and construction of network system services, as well as maintenance services. Its information service division provides digital contents, such as movies, broadcasting programs, videos and others. Its financial division provides financial services. The Company also provides relays, which are used as core components for household appliances, industrial equipment, communication equipment and others.