Kanaan Co., Ltd. cancelled the acquisition of an additional 23% stake in Ation Fashion Inc. from Shinsung Tongsang Co., Ltd..
June 10, 2014 at 05:00 am
Share
Kanaan Co., Ltd. agreed to acquire an additional 23% stake in Ation Fashion Inc. from Shinsung Tongsang Co., Ltd. (KOSE:A005390) for KRW 23 billion on June 10, 2013. Shinsung Tongsang will sell 0.18 million shares of Ation Fashion. After completion, Shinsung Tongsang will continue to hold 22.69% stake in Ation Fashion. The Board of Directors of Shinsung Tongsang passed a resolution for the transaction on June 10, 2013. The disposal is scheduled to take place on June 10, 2013. The proceeds from the sale will be used as operating capital by Shinsung Tongsang.
Kanaan Co., Ltd. cancelled the acquisition of an additional 23% stake in Ation Fashion Inc. from Shinsung Tongsang Co., Ltd. (KOSE:A005390) on June 10, 2014.
SHINSUNGTONGSANG.CO.,LTD. is a Korea-based company principally engaged in the manufacturing of apparels. The Company operates in two segments: manufacturing segment and retail segment. It is the original equipment manufacturer (OEM) of knit apparels such as shirts, sweaters, jackets and others, which provided to Gap, Old Navy, Target, WalMart and other buyers. It supplies its casual apparels under the brand name OLZEN, UNIONBAY, TOPTEN and ZIOZIA. Its retail segment provides foodstuff. It also involves in the rental business. The Company distributes its apparel products within domestic market and to overseas market.
SHINSUNG TONGSANG CO., LTD. 
