Daemyung Corporation Co.,Ltd. (KOSDAQ:A007720) agreed to acquire Daemyung Culture Factory Co. Ltd on April 20, 2018. Daemyung Corporation signed a contract to acquire Daemyung Culture Factory Co. Ltd on April 24, 2018. Daemyung Culture Factory Co., Ltd reported total assets of KRW 10.1 billion and net assets of KRW 4.71 billion as of December 31, 2017. The transaction has been resolved by the Board of Directors of Daemyung Corporation Co.,Ltd and Daemyung Culture Factory Co. Ltd at the meeting held on April 20, 2018. The transaction has been approved by the shareholders of Daemyung Corporation Co.,Ltd and Daemyung Culture Factory Co., Ltd at the meeting held on May 23, 2018. The transaction is expected to be completed on June 27, 2018.
Daemyung SonoSeason Co Ltd, formerly Daemyung Corporation Co Ltd, is a Korea-based company mainly engaged in the purchase of enterprise consumable materials. The Company operates its business through two segments. The Wholesale Business segment engages in the business-to-business (B2B) e-commerce and purchasing agency for enterprise consumables. The Manufacture Business segment manufactures digital video recorders (DVRs), Internet protocol (IP) systems and other video security equipment. The Company distributes its image security equipment within domestic market and to overseas markets.