[At a Crossroads]④ Glovon and SD Bioscience Also Withdraw... Sale Hits Snag

[Asia Economy Reporter Jang Hyowon] SD Bioengineering, which participated in the acquisition battle for KOSDAQ-listed company Globon, is showing signs of withdrawing, casting a shadow over the sale process.

According to the Financial Supervisory Service's electronic disclosure on the 1st, Globon postponed the payment date for the 1 billion KRW third-party allotment capital increase, originally due the previous day, to the 8th, and changed the allottee from SD Bioengineering to Lee Okhoe.

Earlier, on the 1st of last month, Globon's CEO Han Sangho signed a contract to transfer 4 million shares of his own stock and management rights for 20 billion KRW with Quantum Recycle Solution, Cruise Holdings, and Citadel Holdings. Along with this, Citadel Holdings also decided to participate in Globon's 1 billion KRW capital increase.

However, on the 15th of last month, Citadel Holdings reversed its participation in the capital increase, citing that the new share issuance price of 2,704 KRW was too high. In response, Globon designated CEO Han Sangho as the allottee to prevent penalty issues that could arise from withdrawing the capital increase decision.

Then, after a few days, the allottee was changed back to SD Bioengineering. As a strategic investor (SI) of Globon, SD Bioengineering joined the deal. SD Bioengineering planned to acquire Globon shares by investing an additional 6 billion KRW beyond the 1 billion KRW capital increase.

SD Bioengineering is a company engaged in basic and color cosmetics businesses, led by mask packs. Recently, it has expanded its business area by entering the health functional food market. Through this acquisition of Globon, it planned to establish a foundation for synergy in the cosmetics business and entry into new businesses.

After deciding to participate in the capital increase, SD Bioengineering proceeded with the acquisition process in earnest. At Globon's extraordinary general meeting scheduled for the 9th, an agenda was proposed to appoint Kim Insook as President of SD Bioengineering's Cosmetics Business Division and Park Muhyun as Head of SD Bioengineering's Digital Marketing Division. Tae Wonjin, CEO of Quantum Recycle Solution who is leading this deal, was also listed as affiliated with SD Bioengineering.

According to an investment banking (IB) industry insider, CEO Tae designed a structure where funds were injected into SD Bioengineering, which then invested in Globon. However, once again, the payment was not made by the capital increase deadline, and the allottee was changed.

Meanwhile, Lee Okhoe, designated as the payment allottee this time, is presumed to be an associate of Globon CEO Han Sangho. In December 2015, when Globon was 'Veritas Investment,' it conducted a 27.9 billion KRW third-party allotment capital increase, and Lee was listed on the capital increase roster along with Han Sangyoung, a current inside director of Globon.