Reverse Corporation Co., Ltd. and Lemonface completed the acquisition of 29.9% stake in SD System Co., Ltd. from Bongyong Park.
August 11, 2019
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Reverse Corporation Co., Ltd. and Lemonface signed a contract to acquire 29.9% stake in SD System Co., Ltd. (KOSDAQ:A121890) from Bongyong Park for KRW 16 billion on May 24, 2019. The buyers will acquire 2.7 million shares, at a price of KRW 5922.67 per share. KRW 1.6 billion will be paid on the contract date and the balance of KRW 14.4 billion will be paid 2 days prior to the extraordinary meeting of shareholders which will be held on July 3, 2019. As of July 25, 2019, out of the balance, KRW 10 billion will be paid 2 days prior to the temporary meeting of shareholders which will be held on August 12, 2019 and then, 1.69 million shares will be transferred. As of May 31, 2019, the extraordinary meeting of shareholders will be held on July 10, 2019. As of July 25, the extraordinary meeting of shareholders will be held on August 12, 2019. As per the update on July 17, 2019, the balance of KRW 12.4 billion will be paid on July 30, 2019 and transfer of 2.09 million shares for balance payment on July 30, 2019. On July 10, 2019, Reverse Corporation Co., Ltd. acquired 0.47 million shares and Lemonface acquired 0.14 million shares. On July 19, 2019, Lemonface acquired another 0.41 million shares. The transaction is expected to close on July 5, 2019. As of May 31, 2019, the transaction is expected to close on July 10, 2019. On June 27, 2019, it was decided that the deal will close on July 24, 2019. As of July 25, 2019, the transaction is expected to close on August 12, 2019.
Reverse Corporation Co., Ltd. and Lemonface completed the acquisition of 29.9% stake in SD System Co., Ltd. (KOSDAQ:A121890) from Bongyong Park on August 12, 2019.
SD SYSTEM Co., Ltd is a Korea-based company mainly engaged in the provision of toll collection system (TCS) equipment and services. The Companyâs products portfolio consists of TCSs and electronic TCSs (ETCS) including highway ticket issuing machines, smartcard readers and writers, lane controllers, receipt printers and operating units and others; on board units (OBUs), which are used as wireless communication devices for vehicles, and others including intelligent transport systems (ITSs), intelligent building systems (IBSs), which automatically control air conditioning and heating systems of buildings, as well as integrated closed-circuit television (CCTV) surveillances and smart parking systems. The Company also involves in system installation and maintenance business.