CANARIABIO Inc., High Ride Consortium No.1 Association and Widefield Cooperative signed into a contract 71.07% of stake in HYUNDAI FEED Inc. from Moon Cheol-myung, Hyunwook Moon, Jong-woong, Nayeon Kim and Kim Wan-tae for approximately KRW 100 billion.
On April 15, 2022, CANARIABIO Inc., High Ride Consortium No.1 Association and Widefield Cooperative signed into a contract 71.07% of stake in HYUNDAI FEED Inc. (KOSDAQ:A016790) from Moon Cheol-myung, Hyunwook Moon, Jong-woong, Park Jeong-gyu and Kim Wan-tae for approximately KRW 100 billion. As per the amended terms, Hyunwook Moon is selling 14,340 shares (0.23%), Moon Cheol-myung is selling 1,992,360 shares (32.39%), Jong-woong is selling 2,312,028 shares (37,59%), Kim Wan-tae is selling 35,445 shares (0.58%) and Park Jeong-gyu is selling 16,920 shares (0.28%).
As per the amended terms Moon Cheol-myung will receive a total of KRW 45.58 billion, out of which a down payment of KRW 4.56 billion is paid as down payment, Hyunwook Moon will receive a total of KRW 328 million, out of which a down payment of KRW 32.8 million is paid as down payment, Jong-woong will receive a total of KRW 52.89 billion, out of which a down payment of KRW 5.29 billion is paid as down payment, Kim Wan-tae will receive a total of KRW 810 million, out of which a down payment of KRW 81.09 million is paid as down payment, Park Jeong-gyu will receive a total of KRW 387 million, out of which a down payment of KRW 38.7 million is paid as down payment. The balance payments would be paid on closing.
The transactions will be funded through Debt capital such as own funds and convertible bond issuance, asset sale, borrowings, etc. The transaction is expected to close on May 4, 2022. The transaction will be subject to approval of shareholders of HYUNDAI FEED.