SG Corporation agreed to acquire Seratex Nicaragua S.A for KRW 1.2 billion.
June 15, 2017
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SG Corporation (KOSE:A004060) agreed to acquire Seratex Nicaragua S.A for KRW 1.2 billion on June 14, 2017. Under the terms, 100 shares, representing 100% stake in Seratex Nicaragua S.A, will be acquired. 10% of the purchase price will be paid as the deposit on the contract date. The balance shall be paid on June 30, 2017, if all the preconditions for completion of the contract between the parties are met according to the contract. If the preceding conditions are not met, then five business days from the day when the conditions are met or the date on which the parties agree separately will be the balance payment date. The final payment may be adjusted if the reasons for the net asset decrease are found. In related transactions, SG Corporation agreed to acquire stakes in Eugene Apparel and H&H Apparel. For the year ended December 31, 2016, Seratex Nicaragua S.A reported total assets of KRW 1.72 billion, sales of KRW 6.44 billion and net profit of KRW 116 million. The transaction was resolved by the Board of SG Corporation on June 14, 2017. Ernst & Young Global Limited, Corporate Finance acted as financial advisor to SG Corporation.
SG CORPORATION is a Korea-based company mainly engaged in the manufacture and distribution of menâs and womenâs apparels. The Company operates its business through three divisions: apparel export division, which exports men's and women's suits, casuals, leather garments, jackets, pants and shirts to clients including Gap, Target, Macy's, JCPenney, JOS.A.BANK, old navy, forever 21 and others; fashion division, which provides men's suits and women's clothes under the brand name of BASSO, BASSO homme, ab.f.z and ab.plus, and other business segment engages in the rental business. The Company distributes its products through department stores, sales agencies and discount stores.
SG CORPORATION 
