KOSSEN Co., Ltd. (KOSDAQ:A009730) agreed to acquire additional 30.69% stake in Biogenicskorea Co., Ltd. from a group of sellers for KRW 28.6 billion on January 25, 2019. Under the terms of transaction, a down payment of KRW 1 billion will be made on January 28, 2019, a second payment of KRW 8.5 billion will be made on January 29, 2019 and balance of KRW 19.02 billion will be paid on February 15, 2019. On February 15, 2019, a third payment of KRW 9 billion was done and the balance of KRW 10 billion will be paid by KOSSEN on February 21, 2019. As of February 21, 2019, the remaining consideration will be paid on February 28, 2019. Wellbiotec Co., Ltd. will receive a total consideration of KRW 20.02 billion of which KRW 10.02 billion will be paid on February 28, 2019. As of February 28, 2019, KWR 7 billion was paid. After the completion, KOSSEN Co., Ltd. will hold 50.93% stake in Biogenicskorea. As per the amendment report dated February 28, 2019, KOSSEN Co., Ltd. will acquire 0.47 million shares for KRW 25.6 billion. Under the terms of transaction, KOSSEN Co., Ltd. will sell 0.31 million shares. Upon completion, KOSSEN Co., Ltd. will hold 0.81 million shares of Biogenicskorea Co., Ltd.

As of November 30, 2018, Biogenicskorea Co., Ltd. had total assets of KRW 18.5 billion and net assets of KRW 8.01 billion. The transaction has been resolved by the Board of KOSSEN. The transaction is expected to be completed by February 15, 2019. As of February 15, 2019, the transaction is expected to close on February 21, 2019. As of February 21, 2019, the transaction is expected to close on February 28, 2019. Lee Sang, CPA, P.C. Inc and E-One Accounting Corporation will act as external rating institution in the transaction.

KOSSEN Co., Ltd. (KOSDAQ:A009730) cancelled the acquisition of 30.69% stake in Biogenicskorea Co., Ltd. from a group of sellers on January 25, 2020.