Silla Co.,Ltd intends to acquire 99.9% stake in Dongbu Farm Fresh Produce Co., Ltd. from Handuck Development Co. Ltd. and Heo Namsub for KRW 77.1 billion.
May 15, 2019
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Silla Co.,Ltd (KOSE:A004970) intends to acquire 99.9 stake in Dongbu Farm Fresh Produce Co., Ltd. from Handuck Development Co. Ltd. and Heo Namsub for KRW 77.1 billion on May 16, 2019. Under the terms, Silla Co.,Ltd will acquire 0.50 million shares of Dongbu Farm Fresh Produce. A down payment of 10% of the acquisition price which is KRW 7.7 billion will be paid on the contract date and the remaining will be paid at the closing date. The transaction will be funded from Silla's own fund. As of December 31, 2019, Dongbu Farm Fresh Produce reported total assets of KRW 42.43 billion, revenue of KRW 38.77 billion and net income of KRW 2 billion. The transaction was resolved by the board of directors on May 16, 2019. The transaction is expected to close on May 31, 2019.
SILLA CO.,LTD is a Korea-based company mainly engaged in the deep-sea fishing business and aquatic products distribution business. Along with subsidiary, the Company operates its business through five segments. The Deep-sea Fishing Business segment engages in the provision of tunas for processing and tunas for sashimi. The Aquatic Products Distribution segment sells aquatic products, such as pollacks and tunas to domestic and overseas markets. The Steel Business segment mainly wholesales stainless products to domestic construction companies, specialty steel processing companies and shipbuilders. The Agricultural Products Distribution segment is engaged in the distribution of vegetables and fruits. The Others segment engages in the real estate rental business.
Silla Co.,Ltd intends to acquire 99.9% stake in Dongbu Farm Fresh Produce Co., Ltd. from Handuck Development Co. Ltd. and Heo Namsub for KRW 77.1 billion.
SILLA CO.,LTD 
