Smark Co.,Ltd cancelled the acquisition of 51% stake in Mega Phoenix Co., Ltd.
August 21, 2017
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SMARK Co., Ltd. (KOSDAQ:A030270) agreed to acquire 51% stake in Mega Phoenix Co., Ltd for KRW 2 billion on August 22, 2016. SMARK Co. will acquire 0.01 million shares of Mega Phoenix in the deal. Mega Phoenix Co had total assets of KRW 187 million, sales of KRW 1.2 billion and net income of KRW 26 million for the year ended December 31, 2015. The Board of SMARK Co resolved the deal on August 22, 2016. The deal is expected to close on August 26, 2016. As of August 26, 2016, the scheduled acquisition date has been amended to September 6, 2016. As of September 5, 2016, the closing has been extended to September 9, 2016.
Smark Co.,Ltd (KOSDAQ:A030270) cancelled the acquisition of 51% stake in Mega Phoenix Co., Ltd on August 22, 2017.
SMARK CO., LTD, formerly KAHEE CO., LTD is a Korea-based company engaged in the manufacture and distribution of yarns. The Company produces cotton yarns, combed cotton yarns, blended yarns, slub yarns, core yarns and compact yarns for knitting, weaving and industrial uses. It also provides ring combed cotton yarns, ring slub yarns, stretch core spun yarns and others. The Company operates Gaju mills and Sinni mills with open ended spinners, which are also known as air spinnings, as well as ring spinners. The Company distributes its products within domestic market and to overseas markets.
KAHEE CO., LTD. 
