Humasis: "JW Asset Management Injunction Lawsuit Is Malicious"

[Asia Economy Reporter Jang Hyowon] Humasis claimed that the injunction lawsuit filed by JW Asset Management (hereinafter JW Asset) is merely a malicious allegation.

Humasis announced on the 1st that it submitted a response to JW Asset's 'application for injunction to suspend the effectiveness of the stock purchase agreement.' It plans to actively respond, considering future legal proceedings.

On the 30th, JW Asset filed an injunction against Humasis, Artist Cosmetic, and four others, requesting to prohibit the execution of the contract and procedures such as name transfer until the invalidity of the stock purchase agreement is confirmed.

In response, a Humasis official said, "JW Asset cannot claim invalidity because it has neither legal nor factual interests in the stock transfer contract of the major shareholder," and added, "They are also slandering the acquirer, Artist Cosmetic, without basis by alleging it is a no-capital M&A and a corporate raider."

The 12 billion KRW convertible bonds issued to the parent company Mirae I&G by Artist Cosmetic to prepare the acquisition funds have all been converted into stocks. This means the acquisition funds were prepared using equity capital, and JW Asset's claim of a no-capital M&A is unfounded.

Furthermore, "Mirae I&G has 13 affiliates, including the KOSDAQ-listed company Fantagio, and possesses concrete business content and financial capabilities," and emphasized, "The acquirer prepared the acquisition funds independently and has not imposed any financial burden on Humasis."

Additionally, they stated, "We will actively respond to the baseless malicious lawsuit to prevent damage to the company and shareholder value."

Meanwhile, on the 1st, Humasis disclosed that Artist Cosmetic newly reported the acquisition of shares according to the stock transfer agreement. Artist Cosmetic and its special related parties now hold a total of 3.93 million shares (11.58% stake).