Cornerstone E&M Co., Ltd. and SFC Co.,Ltd. agreed to acquire 68.75% stake in Villy Inc. from SFC Co.,Ltd. for KRW 7.6 billion.
October 03, 2018
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Cornerstone E&M Co., Ltd. and SFC Co.,Ltd. (KOSDAQ:A112240) agreed to acquire 68.75% stake in Villy Inc. from SFC Co.,Ltd. (KOSDAQ:A112240) for KRW 7.6 billion on October 4, 2018. As per the terms, payment of KRW 3.4 billion will be on October 4, 2018 and KRW 4.2 billion will be paid on on November 30, 2018. Cornerstone and K Cent will acquire 2,498 shares and 1,637 shares respectively. The resolution of Board of Directors was passed on October 4, 2018. The transaction is expected to be completed on November 30, 2018. As of November 30, 2018, the deal is expected to close on December 31, 2018. As of December 31, 2018, the deal is expected to close on February 28, 2019. As of February 28, 2019, the expected closing date has been extended to June 30, 2019 and parties have agreed to change the terms of the contract by transferring all shares and management rights on the date the deposit was received till the expected closing date. As of July 1, 2019, the expected closing date has been extended to September 30, 2019. As of December 31, 2019, the transaction is now expected to close on December 31, 2019.
SFC Co. Ltd is a Korea-based company mainly engaged in the production and sale of special films. The Company's products portfolio consists of back sheets and other films. The back sheets include thermoplastic and fluoropolymer multi-layered back films, which are used for photovoltaic solar module parts. Other films include coated films and laminating films under various categories such as glossy films, matt films, color films, bio laminating, polyethylene terephthalate (PET) banners, clear PET banners, cold films, white opaque, sticky back films and others, which are used for protection of printouts and actual image materials. It also engages in the digital printing media business, providing polyethylene terephthalate (PET) banners, clear PET banners, PET backlight films, papers, easy banners, poly banners and others. The Company distributes its products within domestic market and to overseas markets.