MEGAZONE CLOUD Corp. cancelled the acquisition of 70% stake in Sejoong Cloud Co., Ltd from Sejoong Co., Ltd..
June 29, 2023
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MEGAZONE CLOUD Corp. agreed to acquire 70% stake in Sejoong Cloud Co., Ltd from Sejoong Co., Ltd. (KOSDAQ:A039310) for KRW 15.8 billion on August 31, 2022. As part of transaction, 280,000 shares will be acquired. For period ended March 2022, Sejoong Cloud reported total assets of KRW 33.2 billion, total debt of KRW 31.2 billion and capital of KRW 2 billion. The transaction is expected to complete on February 8, 2023. As on February 8, 2023, the transaction is expected to complete on May 1, 2023. As on April 28, 2023, The transaction is expected to complete on July 3, 2023.
MEGAZONE CLOUD Corp. cancelled the acquisition of 70% stake in Sejoong Cloud Co., Ltd from Sejoong Co., Ltd. (KOSDAQ:A039310) on June 30, 2023.
SEJOONG CO., LTD. is a Korea-based company engaged in the tour and logistics businesses. Through the tour business, the Company provides airline tickets, domestic and overseas tour products, tour information as well as hotel booking, insurance and car rental services. Through the logistic business, it provides ground transportation and storage services for semiconductors, white appliances, mobile phones from factories to central distribution centers (CDCs) or regional distribution centers (RDCs). It also involves in the ground and marine transportation of steel products. In addition, the Company engages in the software distribution business, business process outsourcing (BPO) and other businesses through its subsidiaries.