Jeongyookgak CO.,LTD. completed the acquisition of a 49.1% stake in Chorokmaeul Co. Ltd. from Daesang Holdings Co., Ltd..
April 28, 2022
Share
Jeongyookgak CO.,LTD. agreed to acquire 49.1% stake in Chorokmaeul Co. Ltd. from Daesang Holdings Co., Ltd. (KOSE:A084690) for KRW 44.4 billion on March 2, 2022. Jeongyookgak CO.,LTD. was selected as the preferred bidder for the deal. Jeongyookgak CO.,LTD. will acquire 1.44 million shares of Chorokmaeul Co. Ltd. in the deal. Post-completion, Daesang Holdings Co., Ltd. will not own any stake in Chorokmaeul Co. Ltd. The Board of Directors of Daesang Holdings Co., Ltd. has resolved the deal. The deal is expected to complete on April 20, 2022. The deal is expected to complete on April 29, 2022. Chorokmaeul had sales of KRW 193 billion, total assets of KRW 75 billion, net income of KRW -4 billion, total equity of KRW 34 billion and total debt of KRW 41 billion, for the current year. Citigroup Global Markets Korea Securities Limited acted as financial advisor to Daesang.
Jeongyookgak CO.,LTD. completed the acquisition of a 49.1% stake in Chorokmaeul Co. Ltd. from Daesang Holdings Co., Ltd. (KOSE:A084690) on April 29, 2011.
DAESANG HOLDINGS CO., LTD is a Korea-based holding company engaged in the management of its subsidiaries. The Companyâs subsidiaries consist of Daesang Corporation, engaged in the manufacturing and sale of processed food products such as processed food and starch products; Daesang Information Tech., engaged in software consulting and development business; SANGAM COMMUNICATIONS.INC, engaged in the advertising agency business; Dongseo Construction CO.,Ltd, engaged in the construction and engineering business; Agronix Corporation, engaged in wholesale and retail of agricultural products; CHOROKMAEUL CO.,LTD., engaged in the distribution of environment-friendly agricultural products, and Daesang HS Co., Ltd., engaged in the food store business.