SMCore Inc. completed the acquisition of remaining 31.13% stake in Pointcode Co.,Ltd.
November 01, 2018
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SMCore Inc. (KOSDAQ:A007820) agreed to acquire remaining 31.13% stake in Pointcode Co.,Ltd. for approximately KRW 450 million on August 22, 2018. SMCore Inc. (KOSDAQ:A007820) signed an agreement to acquire remaining 31.13% stake in Pointcode Co.,Ltd. for approximately KRW 450 million on August 24, 2018. The consideration will be paid in shares. The merger ratio is 1:0.0563409 resulting into issuance of 0.03 million shares. As of September 21, 2018, the terms of the acquisition were amended and the merger ratio was revised to 0.0550756 resulting into issuance of 0.03 million shares. Upon completion, Pointcode Co.,Ltd. will be dissolved and SMCore Inc. will be the surviving entity. For the year ended December 31, 2017, Pointcode Co.,Ltd. reported total assets of KRW 2.8 billion, total capital of KRW 1.8 billion, sales of KRW 4.8 billion, and net profit of KRW 435.99 million. The transaction was resolved by the Board of SMCore Inc. on August 22, 2018. The merger contract is expected to be signed on August 24, 2018. The general meeting of shareholders is expected to be held on September 28, 2018. The transaction is expected to be completed on November 1, 2018. Hanul Accounting Corporation acted as external rating institution.
SMCore Inc. (KOSDAQ:A007820) completed the acquisition of remaining 31.13% stake in Pointcode Co.,Ltd. on November 1, 2018.
SMCore.Inc, formerly Shin-heung Machine Co., Ltd, is a Korea-based company mainly engaged in the manufacture of automatic logistic equipment. The Companyâs products portfolio consists of automated storage and retrieval systems (AS/RS), stacker cranes (STCs), automatic guided vehicles (AGVs), laser guided vehicles (LGVs), electronic monorail systems (EMSs), rail guided vehicles (RGVs) and conveyors, such as chain conveyors, bin conveyors, pallet conveyors and flow chain conveyors, digital picking systems (DPS), truck loaders and others. It is also involved in the provision of integrated automation software and systems. The Company's products are used in the automobile, chemical, pharmaceutical and food industries.