CJ Cheiljedang Corporation completed the acquisition of 15.99% stake in ChunLab, Inc. from Jong-sik Cheon and Shanghai ZJ Bio-Tech Co., Ltd..
October 28, 2021
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CJ Cheiljedang Corporation (KOSE:A097950) signed a stock purchase contract to acquire 15.99% stake in ChunLab, Inc. (KOSDAQ:A311690) from Jong-sik Cheon and Shanghai ZJ Bio-Tech Co., Ltd. (SHSE:688317) for KRW 25 billion on July 21, 2021. Under the terms of the transaction, Jong-sik Cheon will sell 0.39 million shares for KRW 40,000 per share and Shanghai ZJ Bio-Tech Co., Ltd. will sell 0.23 million shares for KRW 40,000 per share. The payment will be a temporary cash payment from its own funds. In A related transaction, CJ Cheiljedang Corporation will subscribe for a capital increase subject of third-party allocation and issued KRW 37,465 per share at an issuance commission price of 1.95 million shares as new stock, with a total capital increase of KRW 73.2 billion. Post-closing, Jong-sik Cheon will own 0.39 million shares representing 10% stake in ChunLab, Inc. The scheduled change date is October 29, 2021.
CJ Cheiljedang Corporation (KOSE:A097950) completed the acquisition of 15.99% stake in ChunLab, Inc. (KOSDAQ:A311690) from Jong-sik Cheon and Shanghai ZJ Bio-Tech Co., Ltd. (SHSE:688317) on October 29, 2021.
Shanghai ZJ Bio-Tech Co Ltd is a China-based company that mainly engaged in the production of molecular diagnostic reagents. The Company is mainly engaged in the research, development, production and sales of genetic diagnostic reagents and equipment. The Company's main products include nucleic acid detection kits and molecular diagnostic instruments. The Company's products are mainly used in areas such as emergency public health safety, medical clinical diagnosis, entry-exit inspection and quarantine, and food safety. The Company mainly conducts business within the domestic market.
SHANGHAI ZJ BIO-TECH CO., LTD. 
