FN Cosmedics Co., Ltd. completed the acquisition of 1.38% stake in Hanyang Hitao Co., Ltd. from Okims Hightao Co., Ltd.
June 14, 2017
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FN Cosmedics Co., Ltd. signed a contract to acquire a 1.38% stake in Hanyang Hitao Co., Ltd. (KOSDAQ:A064090) from Okims Hightao Co., Ltd. for KRW 2 billion on May 2, 2017. Under the terms, FN Cosmedics Co., Ltd. will acquire 0.4 million common shares and management rights of Hanyang Hitao Co., Ltd. Management rights will be changed at the extraordinary general shareholders' meeting to be held at a later date. A deposit of KRW 1 billion was paid on contract signing date and the balance will be paid by June 15, 2017. Concurrently, FN Cosmedics Co., Ltd. participated in the paid-in capital increase of Hanyang Hitao Co., Ltd. FN Cosmedics Co., Ltd. will use own funds for the acquisition. Post completion, FN Cosmedics Co., Ltd. will become the largest shareholder of Hanyang Hitao Co., Ltd. The transaction is expected to close on June 15, 2017.
FN Cosmedics Co., Ltd. completed the acquisition of 1.38% stake in Hanyang Hitao Co., Ltd. (KOSDAQ:A064090) from Okims Hightao Co., Ltd. on June 15, 2017. The appointment of new directors and auditors will be decided at the extraordinary shareholders' meeting on June 16, 2017.
Westrise Co Ltd, formerly FN Republic Co Ltd, is a Korea-based company mainly engaged in general product wholesale business. As a fashion and beauty brand distribution and marketing platform company, the Company is engaged in overseas clothing distribution and marketing business focusing on fashion clothing and miscellaneous goods. The Company is engaged in the wholesale and retail of cosmetics. The company mainly operates its business in China.