MJ 3 Fund cancelled the acquisition of 16.05% stake in Glosfer Labs, Inc. from Glosfer Holdings Co., Ltd.
March 05, 2021
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MJ 3 Fund agreed to acquire 16.05% stake in Glosfer Labs, Inc. (KOSDAQ:A032860) from Glosfer Holdings Co., Ltd. for KRW 19.6 billion on December 24, 2020. Under the terms, both existing shares and convertible bonds of Glosfer Labs, Inc. will be transferred to MJ 3 Fund. The consideration will be paid in tranches. The balance consideration of KRW 18.1 billion will be paid on February 19, 2021. As of February 26, 2021, correction document, the balance consideration of KRW 18.1 billion will be paid on March 5, 2021. In a related transaction, MJ 3 Fund to acquire 17.95% stake in Glosfer Labs, Inc. from GM Korea.
MJ 3 Fund cancelled the acquisition of 16.05% stake in Glosfer Labs, Inc. (KOSDAQ:A032860) from Glosfer Holdings Co., Ltd. on March 5, 2021.
Glosfer Labs, Inc., formerly GMR Materials Co., Ltd., is a Korea-based company principally engaged in the iron scraps distribution business. The Company operates its business through two segments. The Metal and Nonmetal Raw Material Recycling Business segment engaged in the distribution of steel scraps used for steelmaking. The segment also builds and operates container shipping systems. The Fire Door Business segment manufactures, sells and constructs fire doors used in power plants, plants, apartments and buildings. The Company sells its products within domestic market and to overseas markets.