HLB Life Science Co., Ltd. agreed to acquire Geo Rim Co., Ltd for KRW 2 billion.
April 01, 2019
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HLB Life Science Co., Ltd. (KOSDAQ:A067630) agreed to acquire Geo Rim Co., Ltd for KRW 2 billion on April 1, 2019. Under the terms, 0.18 million shares will be acquired at KRW 11,428 per share. The consideration will be paid 3 business days after the approval of the rehabilitation court. In a related transaction, HLB Life Science Co., Ltd. will also acquire 1.3 million shares of Geo Rim Co., Ltd through paid-in capital increase new stock acquisition for KRW 13 billion. The Board of Directors of HLB Life Science Co., Ltd. passed a resolution on the transaction on April 1, 2019. The acquisition will be effective once the contract gets the approval of the rehabilitation court and is expected to complete on April 12, 2019. As of April 12, 2019, the terms of the transaction were revised. HLB Life Science Co., Ltd. will now acquire 0.16 million shares representing 94% stake in Geo Rim Co., Ltd for KRW 1.9 billion. As of April 12, 2019, the transaction is expected to close on April 23, 2019. As of April 22, 2019, the transaction is expected close on April 22, 2019.
HLB Life Science Co., Ltd. is a Korea-based company mainly engaged in the sale of pharmaceuticals. Along with subsidiaries, the Company operates its business through four segments. The Pharmaceutical Distribution segment is involved in the sale of pharmaceuticals and raw materials through SHINWHAADVANCE.CO.LTD. The Energy Business segment is engaged in energy service company (ESCO) business. It is equipped with equipments, assets and technical personnel to engage in energy saving investment business. The Bio Development segment is engaged in the development of extracorporeal circulation type bio space, hepatocyte treatment agents and hemostatic agents. The main products include anticancer drugs such as Tegatrabetan and Seclidemstat. The Other Business segment is involved in the investment of small business start-ups and venture businesses, as well as manufacturing and sale of light emitting diode (LED) products.