Kingsmen Creatives has, through its 24.46%-owned associate, Kingsmen Korea Limited, acquired 4,444 shares in Kingsmen E&E Limited.
The acquisition brought Kingsmen Korea’s stake in Kingsmen E&E to 100% from 90% or 40,000 shares previously.
Kingsmen E&E is a company incorporated in Korea in September 2009. It has an issued and paid-up share capital of KRW222.22 million ($213,474.02). The company designs and produces architectural interiors and decorations for museums and commercial interiors and experiential marketing.
According to Kingsmen, the acquisition consideration was around KRW402.8 million or $395,000. The amount took into consideration the Kingsmen E&E’s unaudited book value and unaudited net asset value (NAV), which were both KRW2.17 billion as at Sept 30.
The consideration was paid by Kingsmen Korea in cash and funded through its internal resources.
Shares in Kingsmen closed 0.5 cents lower or 1.89% down at 26 cents on Nov 29.
