Core Information System to take over Intizen

Core Information System, a Kosdaq-listed systems integration (SI) firm, will take over the Internet portal company Intizen.

Core Information System announced Wednesday that it decided to take up 63% equity in Intizen from Kwon Sung-Moon, president of KTB Network and its largest shareholder. Kwon plans to participate in a rights offering by Core Information using money from the stock disposal. In fact, they are to exchange stocks with one another.

Kim Jin-Woo, vice president of Intizen, said the undertaking was expected to cost 5 to 6 billion won and would require an on-site inspection.

If the procedure is completed, Intizen president Kong Byung-Ho would assume the post of representative director at Core Information and Intizen`s Kim would take up the company presidency. Core Information System president Shim Dong-hi would assume the firm`s chairmanship while holding the company`s No. 1 shareholder position.

Kwon decided to liquidate 700,000 of his 1,040,000 stocks in a bid to boost the value of Intizen shares. He is also expected to be the No. 2 shareholder of the two companies.

Cheon Kwang-Am iam@donga.com