[Asia Economy Reporter Lee Seon-ae] TBH Global announced on the 16th that its subsidiary TBH HK has signed a Memorandum of Understanding (MOU) regarding the potential sale of Baekgaho (Shanghai) Market Co., Ltd.
TBH Global stated, "This contract is signed prior to actual sale negotiations and to protect important information such as documents necessary for due diligence, a deposit of RBM 50,000,000 (approximately 9.3 billion KRW) has been placed in an escrow account, which is jointly managed by the contracting parties." They added, "The deposit will be refunded either when the MOU ends or if the actual sale contract is successfully concluded."
The company further explained, "However, this contract is an MOU, and due diligence for the sale of shares in Baekgaho Market Co., Ltd. is currently underway; the sale contract has not yet been finalized."
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