WooGene B&G Co., Ltd. agreed to acquire OSP Co., Ltd. from Taejun Kim, Hyewon Kim and Jiwon Kim for KRW 22.5 billion.
October 13, 2019
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WooGene B&G Co., Ltd. (KOSDAQ:A018620) agreed to acquire OSP Co., Ltd. from Taejun Kim, Hyewon Kim and Jiwon Kim for KRW 22.5 billion on October 14, 2019. As per the terms of the agreement, WooGene will make a down payment of KRW 1.1 billion in cash as the first intermediate payment on October 14, 2019, KRW 10.2 billion in cash as the secondary intermediate payment on October 31, 2019 and KRW 1.7 billion won in cash along with 2 billion won in convertible bonds as the third intermediate payment on December 31, 2019. The balance cash payment will be done in two installments of KRW 3 billion on January 31, 2021 and KRW 4.5 billion on September 30, 2022. Taejun Kim will be selling 0.048 million shares, Hyewon Kim will be selling 0.016 million shares and Jiwon Kim will be selling 0.016 million shares in OSP. For the consolidated financial statements as of December 31, 2018, OSP had total assets of KRW 7.4 billion, total capital of KRW 4 billion, revenues of 12.1 billion and net income of KRW 1.1 billion. The transaction is expected to be completed by December 31, 2019. Il Shin Accounting Corporation acted as the external evaluator for the transaction.
WooGene B&G Co., Ltd. is a Korea-based company mainly engaged in the manufacture of veterinary drugs. The Companyâs products include anti-infective, bulk materials, probiotics, enzymes, antiparasitics, hormone preparations, vaccines, aquacultures, anesthetics, teat dips, disinfectants, pet cure drugs, calcium injections, antiphlogistic injections, enhance metabolism injections, diarrhea remedy injections, sedative injections for swine, toxin binders, pigmentation drugs and others. The Company also provides anti-inflammatory enzymes under the brand name SKD, which are used for human beings. The Company distributes its products within domestic market and to overseas markets, including Iran, Vietnam, Philippines, Brazil and others.