YOUNGONE CORPORATION Youngone Corp. (KOSE:A111770) agreed to acquire additional 26.72% stake in Youngone Hi-Tech Sportswear Industries Ltd for KRW 51.5 billion in cash on December 5, 2014. Youngone will acquire 0.12 million shares of Youngone Hi-Tech.
Youngone will hold 0.32 million shares of Youngone Hi-Tech representing 73% stake after completion of the transaction. Youngone Hi-Tech had total assets of KRW 78.5 billion, total stockholders' equity of KRW 51.9 billion, revenues of KRW 107.5 billion and net profit of KRW 14.2 billion for the year ending December 31, 2013. A resolution was passed for the transaction by the Board of Directors of Youngone Corp.
on December 5, 2014. The transaction is expected to close on December 26, 2014.
