Daou Data Corp. cancelled the acquisition of 99.62% stake in Starvan Korea Co., Ltd. from Tube Asset Management Co. Ltd.
May 25, 2014 at 09:30 am IST
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Daou Data Corp. (KOSE:A032190) agreed to acquire 99.62% stake in Starvan Korea Co., Ltd. from Tube Asset Management Co. Ltd. for KRW 24.4 billion on April 29, 2013. Daou Data will acquire 1.41 million shares of Starvan Korea. Starvan Korea Co., Ltd. reported total assets of KRW 27.5 billion, sales of KRW 33 billion, net income of KRW 5.12 billion and net deficit in shareholders' equity of KRW 932.49 million for the year ended December 31, 2012. The Board of Directors of Daou Data Corp. passed a resolution for the transaction on April 29, 2013.
The transaction is expected to close on June 28, 2013. As per disclosure on September 16, 2013, the transaction is expected to close on November 25, 2013. As per disclosure on November 25, 2013, the transaction is expected to close on November 30, 2013. PricewaterhouseCoopers acted as financial advisor for Daou Data.
Daou Data Corp. (KOSE:A032190) cancelled the acquisition of 99.62% stake in Starvan Korea Co., Ltd. from Tube Asset Management Co. Ltd. on May 25, 2014.
DAOU DATA CORP. is a Korea-based company engaged in the financial and information technology (IT) related business. The Company mainly operates in two segments. The Financial segment is engaged in the stock and derivatives trading, bond brokerage, as well as over thecounter (OTC) derivatives trading; online funds, overseas stocks and others; investment management; investment banking and other businesses. The Non-financial segment engages in the businesses of software and hardware provision; system construction service provision; manpower supply; building management as well as others.