An unknown buyer completed the acquisition of a 5.3% stake in Global Tax Free Co., Ltd. from E& Corporation CO., LTD..
October 11, 2021
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An unknown buyer agree to acquire a 5.3% stake in Global Tax Free Co., Ltd. (KOSDAQ:A204620) from E& Corporation CO., LTD. (KOSDAQ:A066980) for KRW 7.7 billion on February 10, 2021. Under the terms of transaction, E& Corporation will dispose 2.5 million share of Global tax free and post completion it will hold 17.9% stake. The purpose of disposal of share is to Securing operating funds. Board of E& Corporation passed resolution on February 10, 2021. Transaction is expected to close on May 9, 2021. Transaction is expected to be completed by August 6, 2021. The transaction has been resolved upon by the Board of E& Corporation CO., LTD on August 6, 2021. As of August 6, 2021, the transaction is expected to complete on November 5, 2021.
An unknown buyer completed the acquisition of a 5.3% stake in Global Tax Free Co., Ltd. (KOSDAQ:A204620) from E& Corporation CO., LTD. (KOSDAQ:A066980) on October 12, 2021. As of October 12, 2021, all 2.5 million shares under the transaction have been transferred to buyer.
Global Tax Free Co., Ltd., formerly Yuanta 1 Special Purpose Acquisition Co., Ltd., is a Korea-based company principally engaged in the tax refund agency business. The Company provides services to refund value added tax (VAT) on Korean consumption to foreign consumers. The Company is also involved in the refund agency business of other refund companies.