CITECH Co., Ltd. agreed to acquire 10% stake in Airomate Co., Ltd. for approximately KRW 590 million.
April 19, 2021
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CITECH Co., Ltd. (KOSE:A004920) agreed to acquire Airomate Co., Ltd. for KRW 5.9 billion on April 20, 2021. Under the terms of the transaction, CITECH will acquire 0.4 million shares. The acquisition will be financed through cash on hand and issuance of convertible bonds. Airomate reported sales of KRW 1.6 billion, total assets of KRW 2.1 billion, net income of KRW 116.2 million and net assets of KRW 915.2 million for the year ending, December 31, 2020. As per the correction submitted in the acquisition documents, the board resolution date is May 28, 2021. The transaction is expected to close on May 31, 2021. As per the correction submitted in the acquisition documents, the revised acquisition date is June 30, 2021. On June 30, 2021, as per the correction submitted, the revised acquisition date is July 30, 2021. On July 30, 2021, as per the correction submitted in the acquisition documents, CITECH Co., Ltd. (KOSE:A004920) agreed to acquire 10% stake in Airomate Co., Ltd. for approximately KRW 590 million. under the revised terms of the transaction, CITECH will acquire 0.04 million shares. The Board resolution date is July 30, 2021.
CITECH CO.,LTD, formerly SAMYUNG HOLDINGS CO., LTD is a company primarily engaged in the system integration (SI) business. Along with subsidiaries, the Company operates its business through two segments. The Information Technology (IT) Business segment is mainly involved in the development, manufacturing and sale of unmanned automatic certificate issuing machine, and the development and supply of book management system. The Other Distribution and Leasing Business segment is mainly engaged in the distribution of IT related equipments and the leasing of real estates.