Oyang Corporation (KOSE:A006090) and Sajo CPK Co., Ltd. agreed to acquire 99.86% stake in Foodist Co., LTD. for KRW 250 billion on June 24, 2024. A cash consideration will be paid by Oyang Corporation and Sajo CPK Co., Ltd. As part of consideration, Oyang will pay KRW 80 billion. For the period ending December 31, 2023, Foodist Co., LTD. reported total revenue of KRW 1.03 trillion, net income of KRW 3.05 billion, total debt of KRW 264.68 billion, total assets of KRW 378.14 billion and total common equity of KRW 113.46 billion.

The transaction is conditional on final approval by the Fair Trade Commission and is expected to close on August 23, 2024.