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Photo = Yonhap news |
[Alpha Biz= Paul Lee] CJ Olive Young has announced that it will acquire an 11.3% stake in Korea Beauty Pioneer, which was previously held by a special-purpose company (SPC) created by Shinhan Investment Corp. and Shinhan Bank.
CJ Olive Young decided to purchase this stake in the form of treasury stock. The company had previously been granted a call option to purchase the shares within three years, but it has chosen to exercise this option after just one year.
Upon completion of the transaction, CJ Olive Young will hold 22.58% of the stake, up from the current 11.29%.
A CJ Olive Young spokesperson stated, "We have decided to acquire the treasury shares, and the final purchase price will be determined through the board of directors' meeting." The meeting is scheduled for the end of this month.
The spokesperson also added, "By utilizing retained earnings for the exercise of the call option, we aim to reduce financial burdens and strengthen Olive Young's control within the group."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
