Cosmecca Korea Co., Ltd. completed the acquisition of 34.71% stake in Englewood Lab, Inc. from David C. Chung.
June 08, 2018
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Cosmecca Korea Co., Ltd. (KOSDAQ:A241710) signed a contract to acquire 34.71% stake in Englewood Lab, Inc. (KOSDAQ:A950140) from David C. Chung for KRW 57.8 billion on April 23, 2018. Cosmecca Korea will acquire 6.9 million shares of Englewood Lab at KRW 8375 per share. Under the terms of the agreement, KRW 12 billion will be paid as deposit between April 24, 2018 to April 30, 2018 and the balance payment of KRW 45.8 million will be paid on June 8, 2018, the shares will be delivered to Cosmecca Korea on June 8, 2018. Post transaction, David C. Chung will not hold any stake and Cosmecca Korea will hold 34.71% stake in Englewood Lab, Inc. The transaction is expected to complete on June 8, 2018.
Cosmecca Korea Co., Ltd. (KOSDAQ:A241710) completed the acquisition of 34.71% stake in Englewood Lab, Inc. (KOSDAQ:A950140) from David C. Chung on June 8, 2018. The extraordinary meeting of shareholders was held on June 8, 2018 for appointment of new officers.
Englewood Lab, Inc. specializes in cosmetics research and development and manufacturing industry. The Company's skincare manufacturing capabilities include a range of oils, creams, serums, cleansers, and masks for various applications. Its hybrid beauty products include primers and foundations, BB and CC Cream (SPF), concealer, blush and illuminizers, bronzer highlighter and lip care. Its over-the-counter products include SPF/acne, personal hygiene, and skin protectant products. The Companyâs facilities are specially equipped for producing over-the-counter sunscreen and acne treatment products. With a range of packaging equipment, it can fill bottles, tubes, pumps, boxes, gift packages, and more. It also provides hot-pour products, such as hair products and sample products. The Company provides a variety of services for its clients around the globe.