The Asia Business Daily Co., Ltd. cancelled the acquisition of 20% stake in Oksan Leisure Co., Ltd. from Woori TGV Co., Ltd.
June 25, 2019
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The Asia Business Daily Co., Ltd. (KOSDAQ:A127710) agreed to acquire 20% stake in Oksan Leisure Co., Ltd. from Woori TGV Co., Ltd. for KRW 14.1 billion on June 26, 2018. Under the transaction, The Asia Business Daily Co., Ltd. acquires 2.13 million shares. Cash payment will make on contract signing date. The Asia Business Daily Co., Ltd. will pay Woori TGV Co., Ltd. KRW 2.1 billion in cash after The Asia Business Daily offset the principal loan amount of KRW 12 billion to Woori TGV Co., Ltd. During the financial year ended December 2017, Oksan Leisure Co., Ltd. reported total assets of KRW 128.35 billion, net liabilities of KRW 49.8 billion and sales of KRW 9.334 billion. The transaction has been resolved by the Board of Directors of The Asia Business Daily Co., Ltd. The transaction is scheduled to be completed on June 26, 2018. Samyoung Accounting Corporation acted as External Rating Institution for The Asia Business Daily Co., Ltd.
The Asia Business Daily Co., Ltd. (KOSDAQ:A127710) cancelled the acquisition of 20% stake in Oksan Leisure Co., Ltd. from Woori TGV Co., Ltd. on June 26, 2019.
The Asia Business Daily Co., Ltd. is a Korea-based company that engaged in the advertising business. The Company is engaged in the advertising business through online media such as the Internet, mobile platform, TV, radio, landline phones, as well as offline media including newspapers, magazines, and actual activities. The Company's subsidiaries are PAXNet, Inc., Ilgan Leaders Economy News Co Ltd, KMH Insco Co Ltd, and The Asia Golf. Co. Ltd.