SM Culture & Contents Co., Ltd. completed the acquisition of SM Town Travel Company.
September 04, 2012 at 12:00 am EDT
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SM Culture & Contents Co., Ltd. (KOSE:A048550) agreed to acquire SM Town Travel Company from S.M. Entertainment Co., Ltd. and other shareholders for KRW 1 billion in stock on June 28, 2012. SM Culture & Contents Co., Ltd. (KOSE:A048550) entered into a statutory merger agreement to acquire SM Town Travel Company from S.M. Entertainment Co., Ltd. and other shareholders for KRW 1 billion on July 2, 2012. SM Culture & Contents Co., Ltd. will issue 2.0366599 shares for each share of SM Town Travel Company. SM Culture & Contents Co., Ltd. will issue 0.41 million share. SM Town Travel Company will be merged with SM Culture & Contents Co., Ltd.
During the year ended December 31, 2011, SM Town Travel Company recorded total assets of KRW 180 million, total liabilities of KRW 376 million, sales revenue of KRW 183 million, total stockholder's deficit of KRW 196 million and net loss of KRW 217 million. The Board of Directors of SM Culture & Contents Co., Ltd. resolved the transaction on June 28, 2012. The period of submission of objections from creditors will start from August 2, 2012 to September 3, 2012. The Board of Directors of SM Culture & Contents approved the resolution for the merger on July 31, 2012. The general meeting of shareholders is scheduled on September 4, 2012. The transaction is expected to close on September 4, 2012.
SM Culture & Contents Co., Ltd. (KOSE:A048550) completed the acquisition of SM Town Travel Company on September 4, 2012.
SM Culture & Contents Co., Ltd., formerly BT&I Travel Group.,Inc., is a Korea-based company engaged in the provision of travel management services. The Company provides meeting, incentive, convention and exhibition (MICE) tour services for corporations; online tour services through www.tourexpress.com, including air tickets and hotels reservation and individual travel scheduling services, as well as advertising services, and travel information services. On May 21, 2013, the Company merged with a Korea-based company, mainly engaged in the program producing business. On October 15, 2013, it merged with Woollim Entertainment Co Ltd, a Seoul-based manufacturer of music records.