Toy company SONOKONG, listed on the KOSDAQ market, is expanding its business area into automobile import and sales.
On the 30th, SONOKONG announced that it has acquired Klasse Auto, an automobile import and sales company known to be an official dealer for Volkswagen.
The structure involves acquiring 90% equity of Klasse Auto, a subsidiary of Aplus Investment Company, including 9% of treasury shares, with the acquisition price set at 9.9 billion won.
Since being selected as an official dealer for Volkswagen in August 2005, it has maintained the position of the top dealer in Korea since 2008. It has also undergone one change of hands with private equity firm VIG Partners.
SONOKONG noted, "We expect business expansion and business synergy effects."