Pulmuone Co., Ltd. (KOSE:A017810) agreed to acquire 51% stake in Pulmuone Waters Co., Ltd. from Nestlé S.A. (SWX:NESN) for KRW 36 billion on November 10, 2020. The consideration shall be paid in cash. Pulmuone Co., Ltd. shall acquire 345,717 shares equivalent to 51% stake of which 21% stake in Pulmuone Waters Co., Ltd. for KRW 14.8 billion and remaining 30% stake for KRW 21.2 billion.

Post completion, Pulmuone Co., Ltd. shall hold 100% stake in Pulmuone Waters Co., Ltd. For the year ending December 2019, total asset, net asset, revenue and net income of Pulmuone Waters Co., Ltd. was approximately KRW 52.7 billion, approximately KRW 18.6 billion, approximately KRW 88.2 billion and approximately KRW 7.4 billion respectively. Completion of acquisition of 21% stake is expected on February 1, 2021 and remaining 30% shall be acquired in 3 years. Pulmuone Co., Ltd. (KOSE:A017810) completed the acquisition of 21% stake in Pulmuone Waters Co., Ltd. from Nestlé S.A. (SWX:NESN) on February 1, 2021.