Polyvision Co., Ltd. cancelled the acquisition of Skin Care Co., Ltd. from Hyun-Oh Kim, Il-Dong Kim, Taek-Sook Lee, Won-Oh Kim.
August 17, 2015 at 05:00 am
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Polyvision Co., Ltd. (KOSDAQ:A032980) agreed to acquire Skin Care Co., Ltd. from Hyun-Oh Kim, Il-Dong Kim, Taek-Sook Lee, Won-Oh Kim for KRW 4.7 billion in cash on July 9, 2015. Polyvision Co., Ltd. will acquire 0.01 million shares. Polyvision Co., Ltd. deposited KRW 500 million on July 9, 2015, will pay KRW 1 billion on July 20, 2015 and will pay remaining KRW 3.2 billion on July 30, 2015. Polyvision made the second payment of KRW 1 billion. During the year ended December 31, 2014, Skin Care Co., Ltd. had total assets of KRW 2.31 billion, total stockholders' equity of KRW 1.72 billion, sales revenue of KRW 4.78 billion, and net profit of KRW 1.46 billion. Board of Directors of Polyvision Co., Ltd. made a resolution in favor of the transaction on July 10, 2015. The scheduled acquisition date is July 30, 2015. The scheduled acquisition date is extended to August 17, 2015. Nexia-Samduk acted as external evaluating agency.
Polyvision Co., Ltd. (KOSDAQ:A032980) cancelled the acquisition of Skin Care Co., Ltd. from Hyun-Oh Kim, Il-Dong Kim, Taek-Sook Lee, Won-Oh Kim on August 17, 2015. The transaction was terminated as Polyvision could not pay the balance of KRW 3.2 billion. Polyvision Co., Ltd plans to request for the return of the deposit of KRW 1.5 billion.
BYON Co., Ltd., formerly Polyvision Co., Ltd is a Korea-based company primarily engaged in the manufacture and distribution of industrial materials. The Company operates its business through three segments. Its Industrial Material segment manufactures tarpaulins, banner flexes and polyvinyl chloride (PVC) flooring materials, which are used for truck covers, roof covers, billboards, flags, container bags and house decoration tiles. Its Overseas Resources Development segment explores copper and molybdenum. Its Bio Medical segment sells medicines and medical equipment. The Company distributes its products within domestic market and to overseas markets.