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. (XKON:A232830) completed the acquisition of SNTC Co., Ltd from Itcen Co., Ltd. (KOSDAQ:A124500) on February 1, 2018.