April 27, 2024
Deals
Hyungkuk F&B to acquire CNT Planet
[THE INVESTOR] Hyungkuk F&B, South Korea’s non-alcoholic beverage maker, is set to buy a local operator of online shopping site that sells coffee and tea.
KOSDAQ-listed Hyungkuk F&B said on Aug. 8 that the company signed a memorandum of understanding with CNT Planet to acquire the entire stake, or 20,000 shares, in the online retailer for 11 billion won (US$9.92 million).
The takeover plan is aimed at reinforcing Hyungkuk F&B’s dominant position in the beverage market by utilizing CNT Planet’s online platform.
Currently, the buyer is seeking a new growth engine to diversify its business portfolio and target the Chinese market.
Hyungkuk F&B gained 3.23 percent to close at 19,200 won on the acquisition news.
By Park Han-na (hnprak@heraldcorp.com)
KOSDAQ-listed Hyungkuk F&B said on Aug. 8 that the company signed a memorandum of understanding with CNT Planet to acquire the entire stake, or 20,000 shares, in the online retailer for 11 billion won (US$9.92 million).
The takeover plan is aimed at reinforcing Hyungkuk F&B’s dominant position in the beverage market by utilizing CNT Planet’s online platform.
Currently, the buyer is seeking a new growth engine to diversify its business portfolio and target the Chinese market.
Hyungkuk F&B gained 3.23 percent to close at 19,200 won on the acquisition news.
By Park Han-na (hnprak@heraldcorp.com)
