December 18, 2000 in Social Responsibility News

Sell-off of Novita Co., Ltd. shares

Contents

- Number of shares: 200,000 shares

- Price: 1billion won(200,000 shares, 5000won per share)

* Evaluated price per share: 4,698 won(as of Dec, 2000 by Samil Accounting Corporation)

DATE: Dec. 21, 2000



Shift in Equity ownership



Before
 
sell-off
After
 


Investment
Equity
1billion won
Investment
Equity


31.2billion

(5,188,000shares)
100%
(200,000shares)
30.2billion

(4,988,000shares)
96%





- Sold to Novita Co., Ltd Employee stock ownership Association(199 of union members)

- Method: OTC transaction(stock transfer agreement)



Background and Method

- Novita CO., Ltd plans to allocate stocks to the union members by purchasing outstanding shares and to this end, requested that SEC sell its shares

- Expects improved production by boosting morale of employees



About Novita Co., Ltd.

- Manufactures Home appliances(such as rice cooker and humidifier), SEC holds 100% of equity

- Financial status

- Assets: 62.6billion won, debts: 36.6billion won, capital-26billion won(capital stock:25.9billion won)

*As of end of June




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