Modacom Co., Ltd. cancelled the acquisition of 10% stake in B&M Holdings Co., Ltd. from CDIB Capital (International) Corporation.
May 29, 2017
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Modacom Co., Ltd. (KOSDAQ:A149940) agreed to acquire 10% stake in B&M Holdings Co., Ltd. from CDIB Capital (International) Corporation for $9.7 million on May 30, 2016. Under the terms of the agreement, Modacom Co., Ltd. will acquire 0.2 million shares in B&M Holdings at an offer per share of $48.45. B&M had total assets of KRW 99.6 billion ($84.71 million), total liabilities of KWR 67 billion ($57.02 million), sales of KRW 58.7 billion ($49.96 million) and net profit of KRW 23.4 billion ($1.99 million) in 2015. The transaction was approved by the Board of CDIB Capital (International) Corporation. As of August 31, 2016, the deal has been resolved by the Board of Directors. The deal is expected to close on September 7, 2016. Shinjung Accounting Corporation acted as External Rating Institution. Samil PricewaterhouseCoopers acted as accountant for B&M. Currency conversion was done through oanda.com as of December 31, 2015.
Modacom Co., Ltd. (KOSDAQ:A149940) cancelled the acquisition of 10% stake in B&M Holdings Co., Ltd. from CDIB Capital (International) Corporation on May 30, 2017.
Moda Inc., formerly Modacom Co., Ltd. is a Korea-based company mainly engaged in the manufacture of wireless communication equipment. The Company produces wireless data communication terminals, including long term evolution (LTE) products, wireless broadband (WiBro) mobile routers, Wibro customer premise equipment (CPE), WirBro universal serial bus (USB) dongles, WiBro machine to machine (M2M) modules, WiBro express cards and others. It also engages in the development of software. The Company distributes its products within domestic market and to overseas markets.