LG Household & Health Care Ltd. signed an agreement to acquire 52.9% stake in Tai Guk Pharm Co.,Ltd. from Changgu Lee and Jungu Lee for KRW 15.6 billion.
November 02, 2017
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LG Household & Health Care Ltd. (KOSE:A051900) signed an agreement to acquire 52.9% stake in Tai Guk Pharm Co.,Ltd. from Changgu Lee and Jungu Lee for KRW 15.6 billion on November 2, 2017. As per the terms of agreement, LG Household & Health Care Ltd. will acquire 6.5 million shares of Tai Guk Pharm Co.,Ltd. In related transactions, LG Household & Health Care Ltd. plans to acquire 1.7 million shares of common stock of Tai Guk Pharm Co.,Ltd. from the issuance of 7.7 million shares of rights offering new shares and other shareholders after the conclusion of this contract. Upon completion of the series of contracts and capital increase for new shares, LG Household & Health Care Ltd. will hold a total of 80% stake in Tai Guk Pharm Co.,Ltd. For the period ending December 31, 2016, Tai Guk Pharm Co.,Ltd. reported total assets of KRW 97.6 billion, total capital of KRW 31.6 billion, sales of KRW 60 billion and net loss of KRW 788 million. The scheduled acquisition date of the transaction is December 4, 2017.
LG H&H Co Ltd, formerly LG Household & Healthcare Ltd, is a Korea-based company principally engaged in the manufacture of distribution of cosmetics. The Company operates its business through three segments. The Beautiful Segment which is engaged in the manufacture of skin care and make-up products, as well as healthy foods. The Healthy Segment which is mainly engaged in the manufacture of household goods, including oral, body, hair care products, household detergents, and all the related materials. The Refreshing Segment is mainly engaged in the manufacture of carbonated and non-carbonated beverages such as cola, juice, tea, coffee, and bottled water products.
LG Household & Health Care Ltd. signed an agreement to acquire 52.9% stake in Tai Guk Pharm Co.,Ltd. from Changgu Lee and Jungu Lee for KRW 15.6 billion.