Taekwang Tourist Development Co., Ltd. agreed to acquire Total System & Information Service Co., Ltd.
June 14, 2018
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Taekwang Tourist Development Co., Ltd. agreed to acquire Total System & Information Service Co., Ltd from a group of sellers on June 12, 2018. Under the terms of the transaction, Taekwang Tourist Development Co., Ltd. will issue 5.3215642 for every share of Total System & Information Service. Taekwang Tourist Development Co., Ltd will issue a total of 2.8 million shares as consideration. Post transaction, Taekwang Tourist Development Co., Ltd. will be renamed as TSIS Co., Ltd. or Total Service & Information System Co., Ltd. Total System & Information Service Co., Ltd reported total assets of KRW 611.1 billion, net assets of KRW 186.3 billion, sales of KRW 220.7 billion and net profit of KRW 16.3 billion for the year ended December 31, 2017. The transaction is resolved by the board of Total System & Information Service Co., Ltd on June 12, 2018. The general shareholders meeting date is scheduled on June 28, 2018, period of submission of objections from creditors is from June 29, 2018 to June 30, 2018 and the merger is expected to complete on August 1, 2018.
Taekwang Industrial Co Ltd is a Korea-based company mainly engaged in the production and sale of petrochemical products. The Company operates its business through two segments. The Manufacturing and Leasing segment is involved in the production and sale of pure terephthalic acid (PTA), ammonium nitrate (AN), propylene, acrylics (ACR), nylon, spandex, as well as land and buildings leasing. The Broadcasting and Communication segment provides broadcasting and communication services such as cable television (TV) service, high speed Internet and Internet phone services, broadcasting advertisement services. The Company distributes its products in the domestic and overseas markets such as China, Japan and Southeast Asia.
TAEKWANG INDUSTRIAL CO., LTD. 
