Lemonface cop. and Wooseok Planning Co.,Ltd. cancelled the acquisition of 14.5% stake in SD System Co., Ltd.
December 10, 2020
Share
Lemonface cop. and Wooseok Planning Co.,Ltd. agreed to acquire 14.5% stake in SD System Co., Ltd (KOSDAQ:A121890) for KRW 7.3 billion on December 10, 2019. As per transaction, Lemonface cop. will acquire 0.5 million shares representing 5.5% stake and Wooseok Planning Co.,Ltd will acquire 0.8 million shares representing 8.9% stake in SD System Co., Ltd. The consideration of KRW 7.3 billion will be paid in following manner, the payment of KRW 600 million has been paid by the Wooseok Planning Co.,Ltd on December 10, 2019, the second payment of KRW 1.8 billion paid by Wooseok Planning Co.,Ltd on December 13, 2019, the third payment of KRW 2.9 billion will be paid by Wooseok Planning Co.,Ltd. on December 20, 2019 and remaining balance of KRW 2 billion will be paid by Lemonface cop on December 23, 2019. The consideration will be paid in cash. As of December 13, 2019, Wooseok Planning completed the acquisition of 8.9% stake in SD System Co., Ltd. The transaction is expected to completed by December 23, 2019.
Lemonface cop. and Wooseok Planning Co.,Ltd. cancelled the acquisition of 14.5% stake in SD System Co., Ltd (KOSDAQ:A121890) on December 10, 2020.
SD SYSTEM Co., Ltd is a Korea-based company mainly engaged in the provision of toll collection system (TCS) equipment and services. The Companyâs products portfolio consists of TCSs and electronic TCSs (ETCS) including highway ticket issuing machines, smartcard readers and writers, lane controllers, receipt printers and operating units and others; on board units (OBUs), which are used as wireless communication devices for vehicles, and others including intelligent transport systems (ITSs), intelligent building systems (IBSs), which automatically control air conditioning and heating systems of buildings, as well as integrated closed-circuit television (CCTV) surveillances and smart parking systems. The Company also involves in system installation and maintenance business.