Byoung-oh Choi, Hye-Won Choi, and Jun-Ho Choi completed the acquisition of 17.09% stake in Woosung I&C Co. Ltd. from Jong-woo Lee, Hyung-Seok Lee, and In-Sook Song for KRW 5 billion.
May 09, 2012 at 12:00 am EDT
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Byoung-oh Choi and 2 others signed a contract to acquire 40.93% stake in Woosung I&C Co. Ltd. (KOSE:A011080) from Jong-woo Lee and 3 others for KRW 12 billion on April 26, 2012. Byoung-oh Choi and 2 others will acquire 4.79 million shares of Woosung I&C. As per the terms of the contract, KRW 1 billion will be paid as deposit on April 26, 2012 and 0.6 million shares will be delivered within the 7 days from the contract date. A second payment of KRW 4.8 billion will be paid within the 20 days from the contract date and concurrently 2 million shares will be transferred. Another payment of KRW 5.2 billion will be paid within 3 days from the extraordinary shareholders meeting end date. Share transfer of 2.19 million shares and the remaining balance of KRW 1 billion will be reserved from payment for 1 year. New officers will be selected at the general meeting of stockholders at a later date. The transaction is expected to complete on May 18, 2012.
Byoung-oh Choi, Hye-Won Choi, and Jun-Ho Choi completed the acquisition of 17.09% stake in Woosung I&C Co. Ltd. (KOSE:A011080) from Jong-woo Lee, Hyung-Seok Lee, and In-Sook Song for KRW 5 billion on May 9, 2012. Byoung-oh Choi, Hye-Won Choi, and Jun-Ho Choi acquired 2 million shares at the price of KRW 2,505 per share. Byoung-oh Choi acquired 0.6 million shares and increased its holding to 1.3 million shares, Hye-Won Choi acquired 0.65 million shares, and Jun-Ho Choi acquired 0.65 million shares. Byoung-oh Choi, Hye-Won Choi, and Jun-Ho Choi will use their own funds worth KRW 4.8 billion for the transaction.
HYUNGJI Innovation and Creative Company Limited, formerly WOOSUNG INNOVATION & CREATIVE Co.,Ltd is a Korea-based company engaged in the manufacture and marketing of menâs apparels. The Company has four principal brands: YEZAC, which is a luxury styling dress shirt brand targeting customers in their twenties to forties; LANVIN, which is a licensed brand targeting customers in their twenties to fifties; BON, a casual brand targeting consumers in twenties and thirties, and BON-g.floor, a casual brand targeting consumers in twenties. The Company distributes its products through department stores, sales agencies and discount stores. On Aril 30, 2014, it merged with Emoda,Co.,Ltd., which is engaged in the manufacture and distribution of women garments.
Byoung-oh Choi, Hye-Won Choi, and Jun-Ho Choi completed the acquisition of 17.09% stake in Woosung I&C Co. Ltd. from Jong-woo Lee, Hyung-Seok Lee, and In-Sook Song for KRW 5 billion.