EMP Lab Co.,Ltd cancelled the acquisition of 17.95% stake in NK Mulsan Co., Ltd. from POBIS TNC CO., Ltd.
February 01, 2019
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EMP Lab Co.,Ltd signed a contract to acquire 17.95% stake in NK Mulsan Co., Ltd. (KOSE:A009810) from POBIS TNC CO., Ltd (KOSDAQ:A016670) for KRW 11.7 billion on November 14, 2018. Under the terms of transaction, EMP Lab Co.,Ltd will acquire 14.6 million shares at KRW 800 each. A deposit of KRW 1 billion will be made on contract signing date and balance of KRW 10.7 billion will be paid on January 22, 2019. As on January 22, 2019, balance of KRW 10.7 billion will be paid on February 1, 2019. Post-acquisition, POBIS TNC will not hold any shares in NK Mulsan.
The transaction has been resolved by the Board of Directors of NK Mulsan and POBIS TNC CO., Ltd at the meeting held on November 14, 2018. The transaction is expected to be completed by January 22, 2019. As on January 22, 2019, the transaction is expected to be completed by February 1, 2019. Samdo Accounting Corporation acted as external rating institution in the transaction.
EMP Lab Co.,Ltd cancelled the acquisition of 17.95% stake in NK Mulsan Co., Ltd. (KOSE:A009810) from POBIS TNC CO., Ltd (KOSDAQ:A016670) on February 1, 2019. The deal was cancelled due to the non-payment of the balance payment by EMP Lab Co.,Ltd until February 1, 2019. POBIS TNC CO., Ltd notified EMP Lab Co.,Ltd in writing that the contract is being cancelled according to the terms of the contract, and it will keep the deposit paid as penalty. Under this contract, POBIS TNC CO., Ltd kept the deposit paid by EMP Lab Co.,Ltd as penalty.
PlayGram Co Ltd formerly NK Mulsan Co Ltd is a Korea-based company principally engaged in the provision of corporate integrated purchasing agency services. The Company operates its business through two segments. The Maintenance Repair Operations (MRO) segment is engaged in the supply of subsidiary materials, maintenance materials, packaging and logistics materials, as well as research materials for business site operation. The Video Content Business segment is engaged in the planning, production and distribution of broadcast programs and performances.