Secucen Co., Ltd. agreed to acquire SNTC Co., Ltd from Itcen Co., Ltd. for approximately KRW 1 billion.
November 27, 2017
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Secucen Co., Ltd. (XKON:A232830) agreed to acquire SNTC Co., Ltd from Itcen Co., Ltd. (KOSDAQ:A124500) for approximately KRW 1 billion on November 27, 2017. Secucen Co., Ltd and Itcen Co., Ltd signed the merger contract on November 30, 2017. Under the terms of the transaction, Secucen Co., Ltd. will issue 0.13 million shares as consideration to acquire 0.03 million shares of SNTC Co., Ltd. The merger ratio is 1: 4.48805. Upon completion, SNTC Co., Ltd. will be dissolved and Secucen Co., Ltd. will be the surviving entity.
For the year ended December 31, 2016, SNTC Co., Ltd. reported total assets of KRW 2.96 billion, total capital of KRW 1.1 billion, sales of KRW 6.6 billion, and net loss of KRW 410.8 million. The transaction was resolved by the board of directors of Secucen Co., Ltd. on November 27, 2017. The transaction is expected to close on February 1, 2018. Listing date of new shares will be scheduled on February 23, 2018
SECUCEN CO., LTD. is a Korea-based company mainly engaged in the production and sale of security products. The Company is involved in the manufacturing and sale of mobile security products and fingerprint recognition devices. In addition, the Company is engaged in the provision of security services, maintenance services and security solutions. The security services include login theft prevention services and certificate leakage prevention services. The security solutions include mobile app tampering and obfuscation solutions, anomaly detection / blocking solutions, Internet of things (IoT) security solutions, database (DB) encryption solutions, and related consulting services.