Cellumed Co., Ltd. cancelled the acquisition of 97.3% stake in Hwankyung ENG Co., Ltd. for KRW 18 billion.
December 16, 2020
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Cellumed Co., Ltd. (KOSDAQ:A049180) agreed to acquire 97.3% stake in Hwankyung Eng Co. Ltd. from a group of sellers for KRW 18 billion on December 17, 2019. Cellumed Co., Ltd. will acquire 0.29 million shares. The consideration will be paid in cash with 10% down payment by December 16, 2019, intermediate payment of 20% by December 20, 2019 and remaining 70% of balance by December 27, 2019. On December 30, 2019, under the revised terms, Cellumed Co., Ltd. agreed to acquire 51% stake in Hwankyung Eng Co. Ltd. from a group of sellers for KRW 9.4 billion. The consideration will be paid in cash with 20% down payment by December 16, 2019, intermediate payment of 38% by December 20, 2019, intermediate payment of 22% by December 20, 2019 and remaining 20% of balance by December 30, 2019.
For year ended 2018, Hwankyung Eng Co. Ltd. reported total assets of KRW 23.44 billion, total debt of KRW 6.79 billion, capital of KRW 1.5 billion, sales of KRW 64.76 billion and net income of KRW 1.61 billion. The transaction is expected to complete on December 27, 2019. As per the update on December 27, 2019, the transaction is expected to complete on December 30, 2019.
Cellumed Co., Ltd. (KOSDAQ:A049180) cancelled the acquisition of 97.3% stake in Hwankyung ENG Co., Ltd. for KRW 18 billion on December 16, 2020.
CELLUMED CO., LTD., formerly Korea Bone Bank CO., LTD, is a Korea-based company engaged in the manufacture and sale of medical equipment and biosimilars. The Companyâs products consist of allografts for tissue repair; bone sponges, bone powders and demineralized bone matrixes (DBMs) for bone regeneration; biosimilars, such as bone morphogenetic protein 2 (BMP2) reagents and others, as well as medical devices, such as spinal fixation systems, joint replacements and navigation systems. The Company sells its products within domestic market and to overseas markets.
CELLUMED CO.,LTD. 
