Point-I Co., Ltd. completed the acquisition of Kim Jong Hak Production, Inc. from G-treeBNT Co., Ltd..
January 29, 2015 at 11:00 pm EST
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Point-I Co., Ltd. (KOSDAQ:A078860) entered into contract to acquire Kim Jong Hak Production, Inc. from G-treeBNT Co., Ltd. (KOSDAQ:A115450) for KRW 7 billion in cash on January 5, 2015. Point-I will acquire 0.2 million shares at the price of KRW 0.035 million per share of Kim Jong Hak Production, Inc. Point-I Co., Ltd. will pay KRW 3 billion on January 5, 2015 and balance KRW 4 billion on January 30, 2015. As of September 30, 2014, Kim Jong Hak Production, Inc. had total assets of KRW 9.16 billion. Board of Directors of Point-I and G-treeBNT Co., Ltd. made a resolution in favor of the transaction on January 30, 2015. The transaction is expected to complete on January 30, 2015. G-treeBNT Co., Ltd will use the proceeds for working capital, focusing more on biotech business. Jewon Accounting Corporation acted as evaluation agency.
Point-I Co., Ltd. (KOSDAQ:A078860) completed the acquisition of Kim Jong Hak Production, Inc. from G-treeBNT Co., Ltd. (KOSDAQ:A115450) on January 30, 2015.
HLB Therapeutics Co Ltd, formerly G-treeBNT Co Ltd, is a Korea-based company engaged in the research and development of optimized multimedia software for various digital appliances including cellular phones. Along with its affiliates, the Company operates solution business segment, which provides embedded graphic user interface (GUI) software solutions as well as wired and wireless integration multimedia platform solutions. Its embedded GUI products include FXUI-two-dimensional (2D), FXUI-three-dimensional (3D) and FX Studio, which are used for cellular phones and embedded equipment. Its wired and wireless integration multimedia platform products include FX-Flash and others, which are used for cellular phones and other mobile devices; electronic components manufacturing business segment, which provides transformers, pumps, motors and others, as well as educational and bio pharmaceutical business segments.