Korean Chess Game Co.,Ltd. cancelled the acquisition of 6.6% stake in Korea Cable T.V Chung-Buk System Co., Ltd. from In-Mu Yoo, Hongmoo Yoo and Heehoon Yoo.
December 27, 2018
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Korean Chess Game Co.,Ltd. signed a contract to acquire 6.6% stake in Korea Cable T.V Chung-Buk System Co., Ltd. (KOSDAQ:A066790) from In-Mu Yoo, Hongmoo Yoo and Heehoon Yoo for KRW 8 billion on December 28, 2017. Korean Chess Game Co.,Ltd. will acquire a total of 5.3 million shares and management rights, out of which, In-Mu Yoo will sell 0.3 million shares, Hongmoo Yoo will sell 2.49 million shares and Heehoon Yoo will sell 2.5 million shares. Out of the consideration, KRW 1 billion is payable at the time of contract signing and balance till November 30, 2018. The deal is expected to close on November 30, 2018. As per the amendment dated December 4, 2018, Korean Chess Game has asked for an extension for the balance payment date so the transaction date is not yet confirmed.
Korean Chess Game Co.,Ltd. cancelled the acquisition of 6.6% stake in Korea Cable T.V Chung-Buk System Co., Ltd. (KOSDAQ:A066790) from In-Mu Yoo, Hongmoo Yoo and Heehoon Yoo on December 28, 2018.
KOREA CABLE T.V CHUNG-BUK SYSTEM CO., LTD. is a Korea-based company engaged in the provision of cable television (TV) service. The Company provides cable TV services to households in Chungcheongbuk-do area; high-speed Internet services, which provides through cable modems and cable TV networks, and advertising services, playing commercial films through program providers (PPs) and regional channels. It also engages in the leasing of communication equipment, such as converters, high-speed modems and digital set-tops. In addition, through its subsidiaries, it engages in the provision of telecommunication services and maintenance services. The Company sold its entire shares of World Event Network TV Co.,Ltd. and entire stakes in two cable broadcasting companies, on March 31, 2013 and September 30, 2013, respectively.
Korean Chess Game Co.,Ltd. cancelled the acquisition of 6.6% stake in Korea Cable T.V Chung-Buk System Co., Ltd. from In-Mu Yoo, Hongmoo Yoo and Heehoon Yoo.