Sejin Heavy Industries Co., Ltd. (KOSE:A075580) agreed to acquire Ilseung Co.,Ltd. from STX Heavy Industries Co., Ltd. (KOSE:A071970) on September 27, 2017. On September 28, 2017, conditional acquisition contract was signed. Under the terms of transaction, Sejin Heavy Industries Co., Ltd. will acquire 0.01 million shares for KRW 10 billion.

For the year ended December 31, 2016, Ilseung Co.,Ltd. reported total assets of KRW 8.4 billion, net assets of KRW 5.2 billion, revenue of KRW 8.4 billion and net profit of KRW 725.1 million. The transaction is resolved by the Board of Sejin Heavy Industries on September 28, 2017. The transaction will be conducted by stalking horse method and will be subject to conditional open bidding in the future for the confirmation of the final buyer.

The transaction is expected to be completed by November 24, 2017.