Crown F&B Acquires Hollys F&B Shares for 145 Billion KRW

[Asia Economy Reporter Seongpil Cho] KG Inicis, a KOSDAQ-listed company, announced on the 28th that its subsidiary Crown F&B will acquire 1,653,069 shares of Hollys F&B, a coffee wholesale and retail business and coffee shop chain operator, for 145 billion KRW.

After the acquisition, Crown F&B's stake in Hollys F&B will be 93.8%. The scheduled date for the stock acquisition is the 30th of next month.

KG Inicis stated that the purpose of this stock acquisition is "to secure business synergy and business control through equity acquisition."