Interpark Triple Acquires Qxpress Shares... "No Intention to Participate in Management"
Execution of Collateral Rights... Acquisition of 9,828,245 Shares
Interpark Triple announced on the 9th that it acquired 9,828,245 shares of Qxpress stock on the 6th.
This share acquisition was the execution of a lien that Interpark Triple had placed on Qxpress shares to recover the unpaid sales proceeds from the sale of Interpark Commerce.
In April of last year, Interpark Triple signed a Stock Purchase Agreement (SPA) to sell all shares of Interpark Commerce (shopping and book divisions) to Qoo10. As of the end of last year, the unpaid sales proceeds that Interpark Triple was to receive from Qoo10 amounted to 168 billion KRW.
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Interpark Triple had previously set a lien worth approximately 228 billion KRW as collateral on some shares of Singapore-based Qxpress and Interpark Commerce for the unpaid sales proceeds. A representative of Interpark Triple stated, "The execution of the lien was a decision based on financial judgment," and added, "We have no intention to participate in the management of Qxpress."
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