Modacom Co., Ltd. cancelled the acquisition of Niztelecom Inc. from iBSG Co., Ltd., Namsik Lee, Eunjoo Choi, and Seongho Cho.
April 21, 2017
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Modacom Co., Ltd. (KOSDAQ:A149940) entered into a contract to acquire Niztelecom Inc. from iBSG Co., Ltd., Namsik Lee, Eunjoo Choi, and Seongho Cho for KRW 5.5 billion on April 22, 2016. Modacom shall purchase 0.16 million shares of Niztelecoml. Modacom will acquire 0.13 million shares from Namsik Lee, 0.02 million shares from iBSG Co., Ltd., 0.01 million shares from Eunjoo Choi and 0.002 million shares from Seongho Cho. Under the terms of transaction, Modacom shall pay total amount on signing of the contract.
Niztelecom recorded total asset of KRW 6.1 billion, sales of KRW 10.1 billion, owner's capital of KRW 15.2 billion and net profit of KRW 358.06 million in 2015. Modacom has passed a resolution on the transaction. The transaction is expected to close on April 22, 2016. Samyoung Accounting Corporation is acting as an external rating institution.
Modacom Co., Ltd. (KOSDAQ:A149940) cancelled the acquisition of Niztelecom Inc. from iBSG Co., Ltd., Namsik Lee, Eunjoo Choi, and Seongho Cho on April 22, 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.
MODACOM CO LTD 
