Common Wealth Co., Ltd. cancelled the acquisition of GSB Holdings, Inc. from ISE Commerce Company Limited and other sellers.
September 03, 2015 at 05:00 am
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Common Wealth Co., Ltd. agreed to acquire GSB Holdings, Inc. from ISE Commerce Company Limited (KOSDAQ:A069920) and other sellers in stock on June 24, 2015. The merger ratio of Common Wealth Co., Ltd.'s common stock and GSB Holdings, Inc.'s common stock is 1:0.2976000. The merger ratio of Common Wealth Co., Ltd.'s preferred stock and GSB Holdings, Inc.'s preferred stock is 1: 0.3703440. Common Wealth Co., Ltd. will issue 0.19 million common stock and 0.09 million other security. GSB Holdings, Inc. will be merged into Common Wealth Co., Ltd. As of December 31, 2014, GSB Holdings, Inc. had total assets of KRW 5.94 billion. The scheduled date of general meeting of stockholders is July 28, 2015. Board of Directors of ISE Commerce Company Limited made a decision on June 24, 2015. The expected merger date is September 2, 2015.
Common Wealth Co., Ltd. cancelled the acquisition of GSB Holdings, Inc. from ISE Commerce Company Limited (KOSDAQ:A069920) and other sellers in stock on September 3, 2015.
ISE Commerce Company Limited is a Korea-based company engaged in the electronic commerce business. The Company engages in the provision of overseas and domestic shopping agency services through Internet catalogues: WIZWID, SKINRx, HauOlin, Sports25 and others. WIZWID provides apparels, shoes, bags and others. SKINRx mainly provides skin care products, body and hair care products, make-ups, fragrances and others. HauOlin provides living and home related items such as fabrics, furniture, kitchen and bath appliances and others. Sports25 principally provides leisure lifestyle sports goods. The Company also involves in the offline business, operating Wconcept store, Ntrend project, HanOlin store, and Jinny Kim Store. On April 1, 2013, the Company divested its brand-Jinny Kim business into a newly established wholly owned subsidiary.
ISE COMMERCE COMPANY LIMITED 
