WooSung Materials Acquires 100% of Jinan Crown Ink for 11.9 Billion KRW; Final Payment Date Adjusted and Convertible Bonds Used for Funding
WooSung Materials has decided to acquire 100% equity of Jinan Crown Ink, a Chinese offset printing ink manufacturer, for 11.9 billion KRW. This amounts to 38.27% of its equity and 10.18% of total assets.
The payment includes 6 billion KRW in self-acquired convertible bonds and 5.9 billion KRW in cash. The final payment date was changed from June 17, 2026 to September 30, 2026.
External valuation by Hanul Accounting Corp. assessed the target's 100% equity value between 112.69 billion and 133.40 billion KRW, deeming the 11.9 billion KRW acquisition price appropriate.
A plan for a third-party allotment within six months poses potential dilution risk for existing shareholders.
[AI Summary]WooSung Materials' acquisition of a Chinese ink manufacturer is a strategic move for diversification and global supply chain expansion, but the use of convertible bonds and future third-party allotment plans carry dilution risks. The acquisition price is within the fair value range, but the large cash outlay relative to equity may increase financial burden.
KOSPI Filing Information
[Correction of Description] Report on Major Events (Decision to Acquire Stocks and Investment Securities of Other Corporation)