Sejong Telecom, Inc. cancelled the acquisition of Joil Electrical Construction & Service Co., Ltd from Yijo Jung, Youngok Jang and Younggil Jang.
July 29, 2019
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Sejong Telecom, Inc. (KOSDAQ:A036630) agreed to acquire Joil Electrical Construction & Service Co., Ltd from Yijo Jung, Youngok Jang and Younggil Jang for KRW 25 billion on July 30, 2018. Sejong Telecom, Inc will acquire 0.3 million shares of Joil Electrical Construction & Service Co., Ltd and will pay consideration in cash. Under the terms of transaction, 10% of the consideration i.e. KRW 2.5 billion will be paid on July 30, 2018 and the remaining 90% of the consideration i.e. KRW 22.5 billion will be paid on the closing date. Post completion, Sejong Telecom, Inc. will own 100% stake in Joil Electrical Construction & Service.
Joil Electrical Construction & Service reported total assets of KRW 33 billion, net assets of KRW 23.6 billion, revenues of KRW 74.6 billion and net profit of KRW 971 million for the year ended December 31, 2017. The transaction is resolved by the Board of Sejong Telecom, Inc. on July 30, 2018. The transaction is expected to complete on August 30, 2018. As of August 13, 2018, deal is expected to close on the same date.
Sejong Telecom, Inc. (KOSDAQ:A036630) cancelled the acquisition of Joil Electrical Construction & Service Co., Ltd from Yijo Jung, Youngok Jang and Younggil Jang on July 30, 2019.
Sejong Telecom, Inc, formerly Onse telecom Corporation is a Korea-based company specialized in the provision of integrated communication services. The Company operates its business through three divisions: communication division, which provides telecommunication services such as international calling services, domestic calling services, wireless Internet services, Internet data center (IDC) services, data services and voice over Internet protocol (VoIP) services; system integration (SI) division, which provides SI services for information and communication network works, and product division, which distribute radio products.
SEJONG TELECOM, INC. 
