<Writer/Cheol-Seong Park,Director of Research Center·Columnist>
▲Studio Santaclos buys meat restaurants "Naksan Garden" and "Dogok-dong Apartment." Photographs have nothing to do with the specific facts of the article. Capture of Santa Claus' homepage.
▲The view of Naksan Garden in Daehangno
Will "Naksan Garden" and "Dogok-dong Apartment," which will be acquired by Studio Santa Claus (204630, CEO Bae Joon-oh), be Santa's gift or a poisoned glass?
▲Santaclos said in a regulatory filing that it will acquire tangible assets, Naksan Garden.
Studio Santa Claus (hereinafter referred to as Santa Claus, former Huayi Brothers Korea) buys "Naksan Garden" and "Dogok-dong Apartment." Naksan Garden is a meat restaurant located in Dongsung-dong, Jongno-gu.
▲santaclos equity analysis The largest shareholder of Santa Claus is listed company N.S.N., which holds a 25.34 percent stake.
Under the joint management agreement, Semiconite and N.S.N. each appointed executives to designate each other at the Santa Claus extraordinary shareholders' meeting last September.
After the extraordinary shareholders' meeting, Santa Claus's management executed a total of 17 billion won (as claimed by the company that it acquired an apartment prices in accordance with the company's claim that it acquired an apartment in Dogok-dong).
One of the two properties is Dogok-dong apartment, and the other is "Naksan Garden," a rib house in Daehangno.
As of the end of September, the third-quarter report showed that Santa Claus had 5.9 billion won in cash and 4 billion won in bank debt.
▲ According to a quarterly report on the 16th, Santa Claus's cash loans and bank debts amounted to 4 billion won.
▲ quarterly report on the 16th that cash and cashable assets were 5.9 billion won. The company has a 5.9 billion won balance and 4 billion won debt, but it still purchased apartments in Naksan Garden and Dogok-dong.
Why did Santa Claus buy an apartment in Dogok-dong, which had only 5.9 billion won in cash, with 4 billion won in bank debt? Questions were raised.
"This is the real estate we need to recruit good actors," said Bae Joon-oh, CEO of Santa Claus.
However, CJ ENM is not easy to provide apartments worth billions of won, no matter how great an actor is.
What would happen to Santa Claus, who has only 5.9 billion won in cash samples? The entertainment industry's response is that it is not easily understood by common sense.
What is more eye-catching is the owner of the purchased property. The owner of the apartment is On Seong-jun, the real owner of Semiconlight, which co-runs Santa Claus with N.S.N.
It is said that Santa Claus, acquired by Semiconlight, suddenly acquired the property owned by Semiconlight's real owner. Even small cap market experts tilt their heads. Small cap refers to small and medium-sized stocks with a market value of less than 100 billion won.
Reporters contacted the vice chairman and CEO several times to find out the market price and whether the transaction price was bubble. They asked about the address of the apartment in Dogok-dong and the price that Santa Claus bought. However, he only reiterated his position that he could not tell them. The question is doubling.
In a written interview with reporters, CEO Bae Joon-oh of Santa Claus said, "(Dogok-dong apartment) was purchased at an appraisal price that was cheaper than the market price," and added, "The sale price is internal information about the company's major tangible assets, so I can't tell you."
Vice Chairman On was recently accused of fraud worth 3 billion won by Chairman P of the R Corporation. It has been confirmed that he even underwent a warrant review. Vice Chairman On has reimbursed a large portion of the 3 billion won in fraud charges, and no warrant has been issued.
But isn't it in line with the reason why the entire vice-chairman had to sell real estate to Santa Claus before the warrant hearing?
According to the announcement, Santa Claus' contract date for the acquisition of Naksan Garden is November 11 and Yang Su-il is December 30. Naksan Garden is a ribs restaurant that has been operating in Daehangno for a long time. It was a landmark. But now it's old. They say it is not the same as before.
Santa Claus publicly announced that the acquisition price of "Naksan Garden" is 14.7 billion won. The attached evaluation report of the Garam Appraisal Corporation is 14.73,54,400 won.
According to the public announcement, the official land price for Naksan Garden, which was acquired by Santa Claus, is 18.44 million won per square meter.
According to the report, the company acquired Naksan Garden, which costs 14.735 billion won, for 14.7 billion won. The official real estate price here is 18.44 million won per square meter, 379.1 square meters of land in Naksan Garden, and 6.99 billion won in official land price.
"Naksan Garden was acquired for the Academy business," Vice Chairman On Seong-jun said. It is a station influence area and we will build a five or six-story building on the property, he said, explaining the background of the acquisition.
Regarding the acquisition of Naksan Street or Naksan Street, CEO Bae Joon-oh said, "Since the land is an important asset for the company, we selected the land near the station in consideration of its refundability, and the acquisition of Naksan Street this time is not an acquisition of a rib house, but an investment to build a new business-related building that we plan to build on the site.
"(Naksan Garden) confirmed through multiple appraisal companies and purchased at a lower price than the two," he said. "We decided that it was the right time to buy the CoVID19, which used to cost about 18 billion won, as it fell in the aftermath of the COVID19."
▲You can check the current market price of real estate in nearby areas, whether it is Naksanga, through the exchange of market information between real estate agents. This is why suspicions of bubbles have been raised in Santa Claus' Naksan Garden purchase price.
Reporters analyzed real estate sales prices in Daehangno through real estate experts. As a result, there were already several five or six-story buildings in the station influence area (a distance of 200 meters from Hyehwa Station) that On said. In terms of real estate sites, a wider sale than Naksan Garden was in the 8 billion won range.
What is the reason and background for acquiring 'Naksan Garden' at a higher price than the surrounding real estate without trying to fill Santa Claus' operating profit with a restaurant? This is why suspicions have been raised that the purchase price is full of bubbles.
If you identify the owner of the "naksanga" property, the puzzle will be put together to some extent.
The owner of the "Naksan Garden" property is Park Hyun-ja. Park bought the listed company Act in 2018. Park is known to have actually managed Act through her sons Kim Chang-joon and Kim Chang-hoon.
Until recently, Semiconlight was also a shareholder in Act's management rights.
In response, On emphasized several times, "Park Hyun-ja saw the real estate in the real estate agency that introduced 'Naksan Garden' real estate for the first time."
As mentioned earlier, however, the relationship between the two has already been established through the actions of listed companies, so how far should we believe Vice Chairman On's story? Additional coverage must be required.
Moreover, 'Naksan Garden' is already famous among players in this bottom term. It was a real estate sale that everyone knew about.
Meanwhile, Bae said, "I've never heard of a famous item related to act, and we made a normal transaction after being introduced to the property in accordance with the procedure," and added, "Thank you for worrying about the cash flow, but we have plenty of room to spare, and we still maintain it well. But I wonder why Santa Claus is a poor company. "I can't help but worry about whether I'm judging (Santa Claus) negatively."
By the way, might there be a secret deal between Park Hyun-ja and On Seong-jun with a listed company in the middle? Doubts are still snowballing.
Of course, it's not that their relationship is illegal. However, they point out concerns that Santa Claus or shareholders could be harmed by the deal that the relationship has created.
The reporters will report the deal made through Santa Claus to readers in the next issue.
pcseong@naver.com
