Gemtech & Company Co., Ltd. signed a contract to acquire 4.33% stake in ESV Inc. from CODI-M Co., Ltd. for KRW 15 billion.
June 29, 2018
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Gemtech & Company Co., Ltd. signed a contract to acquire 10.19% stake in ESV Inc. (KOSDAQ:A223310) from CODI-M Co., Ltd. (KOSDAQ:A224060) for KRW 15 billion on June 28, 2018. Gemtech & Company Co., Ltd. will acquire 9.88 million shares at KRW 1.518 per share. As of May 29, 2021, Gemtech & Company Co., Ltd. signed a contract to acquire 4.33% stake in ESV Inc. from CODI-M Co., Ltd. for KRW 15 billion. The capital of Kyung Nam Pharm HealthCare Co.,Ltd. was reduced. Gemtech & Company Co., Ltd. will acquire 0.49 million shares at KRW 30369 per share. Under the terms of the agreement, Gemtech & Company Co., Ltd. will pay a deposit of KRW 1.5 billion, to be paid on the contract signing date with the second payment of KRW 3 billion to be paid on July 20, 2018 and the balance of KRW 10.5 billion to be paid two days before the date of the extraordinary shareholders' meeting. As per the amendment dated August 6, 2018, balance of KRW 10.5 billion to be paid on extraordinary shareholders' meeting date. As per the amendment dated October 4, 2018, balance of KRW 10.5 billion to be paid on November 27, 2018. As per the amendment dated November 27, 2018, the balance of KRW 10.5 billion will be paid on December 10, 2018. As per the amendment dated December 10, 2018, the balance payment of KRW 10.5 billion will now be paid on January 31, 2019. As per the amendment dated January 16, 2019, the balance payment of KRW 10.5 billion will now be paid on February 15, 2019. As per the amendment dated February 1, 2019, the balance payment of KRW 10.5 billion will now be paid on April 12, 2019. As per the amendment dated April 12, 2019, the balance payment of KRW 10.5 billion will now be paid on March 31, 2020. As per the amendment dated March 31, 2020, the balance payment of KRW 10.5 billion will now be paid on May 31, 2020. As per the amendment dated May 28, 2021, balance of KRW 10.5 billion which was to be paid on May 29, 2021 would be paid on November 28, 2021.
As on September 14, 2018, the shareholders of ESV Inc. approved the appointment of Suntae Kim and Jaegeun Jung, as internal Director and Soonyong Sun as external Director. The appointment of Chulok Park as internal Director is undecided due to personal matter following candidate resignation. The scheduled change date is August 6, 2018. The scheduled date of transaction has been changed to September 14, 2018. The scheduled date of transaction has been changed to October 31, 2018. As of October 4, 2018, scheduled date of transaction has been changed to November 27, 2018. As of November 27, 2018, scheduled date of transaction has been changed to December 10, 2018. As of December 10, 2018, the transaction is now expected to be completed by January 31, 2019. As of January 16, 2019, the transaction is now expected to be completed by February 15, 2019. As per the amendment dated February 1, 2019, the transaction is now expected to be completed by April 12, 2019. As of March 31, 2020, the transaction is expected to be completed on May 31, 2020. As on May 29, 2020, the transaction is expected to be completed on May 29, 2021. As on May 28, 2021, the transaction is expected to be completed on November 28, 2021. Sang Rok Accounting Firm acted as the external rating institution. As on November 26, 2021 the deal is expected to close on November 26, 2022.
The Codi Co Ltd, formerly CODI-M Co Ltd, is a Korea-based company primarily engaged in the manufacture and sale of semiconductor equipment. The Company operates its business through three segments. The Semiconductor Equipment segment is engaged in the manufacture and sale of coating and developing equipment used for photoresist application and development of semiconductor exposure. The Segment is also engaged in the manufacture and sale of cleaning equipment used to etch, clean, rinse and dry silicon wafers. The Display Equipment segment is engaged in the manufacture and sale of products such as hot plates and cold plates (HP/CPs) used for drying glass during the flat panel displays (FPDs) manufacturing process. The Segment is also engaged in the manufacture and sale of control parts and other parts. The Other segment is engaged in the manufacture and sale of other products such as insulation materials.
THE CODI CO.,LTD. 
