Hicel Co.,Ltd. completed the acquisition of 33.36% stake in Global Tax Free Co., Ltd..
July 14, 2014 at 09:30 am IST
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Hicel Co.,Ltd. (KOSDAQ:A066980) agreed to acquire 33.36% stake in GLOBAL TAX FREE Co.,Ltd for KRW 6.7 billion in cash on June 17, 2014. As part of the transaction, Hicel will acquire 0.14 million shares in Global Taxfree. As part of the consideration, on June 17, 2014 the deposit of KRW 3 billion was made and the balance of KRW 3.7 billion will be paid on July 14, 2014. For the period ending December 2013, Global Taxfree reported total assets of KRW 7.95 bllion, net assets of KRW 3.67 billion, total liabilities of KRW 4.23 billion, sales of KRW 7.57 billion and net profit of KRW 1.91 billion. Hicel Co.,Ltd.'s Board of Directors resolved the transaction. The transaction is expected to close on July 14, 2014.
Hicel Co.,Ltd. (KOSDAQ:A066980) completed the acquisition of 33.36% stake in GLOBAL TAX FREE Co.,Ltd on July 14, 2014.
Global Tax Free Co., Ltd., formerly Yuanta 1 Special Purpose Acquisition Co., Ltd., is a Korea-based company principally engaged in the tax refund agency business. The Company provides services to refund value added tax (VAT) on Korean consumption to foreign consumers. The Company is also involved in the refund agency business of other refund companies.