Tailim Packaging Industrial Co., Ltd. cancelled the acquisition of an additional 63.24% stake in Viko System Co., Ltd.
May 07, 2016
Share
Tailim Packaging Industrial Co., Ltd. (KOSE:A011280) agreed to acquire an additional 63.24% stake in Viko System Co., Ltd. for approximately KRW 180 million in cash on May 8, 2015. A definitive agreement will be signed on May 8, 2015. Tailim Packaging Industrial will acquire 0.12 million shares of Viko System. After the transaction, Tailim Packaging Industrial will hold 0.18 million shares of Viko System representing 95.68% stake in Viko System. Viko System reported total assets of KRW 1.16 billion, total stockholders' equity of KRW 877 million, sales revenue of KRW 898 million and net profit of KRW 25 million in 2014. The transaction shall be completed upon completion of respective conditions precedent. The Board of Tailim Packaging Industrial passed a resolution for the transaction on May 8, 2015. As of July 9, 2015, the scheduled date for acquisition was disclosed as July 9, 2015.
Tailim Packaging Industrial Co., Ltd. (KOSE:A011280) cancelled the acquisition of an additional 63.24% stake in Viko System Co., Ltd. on May 8, 2016.
Tailim Packaging Co., Ltd, formerly Tailim Packaging Industrial Co., Ltd., is a Korea-based company principally engaged in the manufacturing and sale of corrugated boxes. Along with its subsidiaries, the Company operates its business through three segments. Corrugated Boxes segment manufactures and sells boxes, materials and by-products. Corrugated Papers segment manufactures and sells test liner papers, corrugating medium papers and tube papers, also does waste disposal. Freight Transportation segment operates the transportation of goods. The Company distributes its products within domestic market and to overseas markets.