MX On disclosed Monday that it will acquire an additional 3,289,473 shares of its subsidiary MX Robotics by participating in the company's paid-in capital increase.
The acquisition is valued at 10 billion won ($7.04 million), equivalent to 8.21 percent of MX On's equity capital.
Following the transaction, MX On's stake in MX Robotics will rise to 32.24 percent, or 7,519,473 shares. The acquisition is scheduled for Aug. 24.
The company said the move was aimed at strengthening control through expanded shareholding and deepening project cooperation.
jiyoon436@heraldcorp.com
