Clinomics Inc. (KOSDAQ:A352770) agreed to acquire New Oriental Hotel Co., Ltd from Daon Engineering Co., Ltd and Gi-dong Song for KRW 18.5 billion on May 2, 2024. The consideration consists of KRW 5.5 billion in cash and KRW 13 billion in convertible debt. As part of the consideration, KRW 18.5 billion was paid towards common equity for the acquisition of 0.006 million shares.

The cash consideration shall be paid from retained funds. New Oriental Hotel reported total assets of KRW 14.6 billion, total debt of KRW 7.8 billion, total capital of KRW 6.8 billion and net loss of KRW 927 million for the year 2023. The transaction is expected to complete on May 7, 2024.