Ildong Holdings Co., Ltd. (KOSE:A000230) agreed to acquire an additional 13% stake in Il Dong Bio Science Co., Ltd. for KRW13 billion on October 2, 2024. A cash consideration of KRW 13 billion will be paid by Ildong Holdings Co., Ltd. As part of consideration, KRW 13 billion is paid towards common equity of Il Dong Bio Science Co., Ltd. Upon completion, Ildong Holdings Co., Ltd. will own 63.10% stake in Il Dong Bio Science Co., Ltd.
For the period ending December 31, 2023, Il Dong Bio Science Co., Ltd. reported total revenue of KRW 638.45 billion and net loss of KRW 118.79 billion. As of December 31, 2023, Il Dong Bio Science Co., Ltd. reported total debt of KRW 707.1 billion, total assets of KRW 876 billion and total common equity of KRW 169.9 billion.
The expected completion of the transaction is October 2, 2024.