KOSDAQ-listed CLASSYS shares rose early on the 24th on news that the company will acquire a South American medical device distribution group.
As of 9:28 a.m., CLASSYS was trading at 48,850 won, up 2,100 won (4.49%) from the previous session.
Global aesthetic medical device company CLASSYS said before the market opened that it signed an acquisition deal for JL Health, a South American distributor specializing in energy-based aesthetic medical devices (EBD).
CLASSYS plans to acquire 77.5% equity in JL Health through its wholly owned Brazilian subsidiary. The acquisition funds will be raised entirely using CLASSYS's cash on hand.
JL Health owns Medsystems, the largest distributor in Brazil's aesthetic medical device market, as well as entities that provide customer education and financial services linked to its core business. It currently distributes CLASSYS's main products on an exclusive basis.
Chief Executive Baek Seung-han of CLASSYS said, "Through this investment, CLASSYS will move beyond being a simple product export company and rise as a true global aesthetic medical device company that directly designs CLASSYS's brand value and customer experience on the ground."