Able C&C Co., Ltd. (KOSE:A078520) signed a contract to acquire 72.19% stake in GM Holdings Co., Ltd. from Jihoon Kim and Hyungrok Jung for KRW 46.9 billion on January 23, 2019. Under the terms, 1.5 million common shares will be acquired. Jihoon Kim and Hyungrok Jung will sell 1.4 million and 0.1 million shares respectively. As per the amendment dated February 28, 2019, Able C&C Co., Ltd. agreed to acquire an unknow majority stake in GM Holdings Co., Ltd. from a group of sellers for KRW 58.3 billion. Under the amended terms, 1.9 million shares will be acquired. In addition to 1.5 million common shares being acquired from Jihoon Kim and Hyungrok Jung, Able C&C Co., Ltd. was acquiring 0.18 million common shares from a group of individual shareholders, 0.1 million common shares and 0.03 million redeemable convertible preferred shares from LB Technology Finance Fund 1 and 0.1 million redeemable convertible preferred shares from Korea Technology Credit Guarantee Fund. The transaction will be performed in 3 stages. 1st stage will proceed with confirmed transaction amount but the 2nd stage amount and 3rd stage amount will be confirmed when the reason specified in the transfer contract of this case occurs. 0.8 million shares will be acquired in the first stage at KRW 31,941 per share, Jihoon Kim and Hyungrok Jung will sell 0.8 million and 0.06 million shares respectively and receive KRW 25 billion and KRW 1.9 billion as consideration. After the 1st stage end date, when the schedule condition is met (based on end of June or December, where EBITDA of GM Holdings Co., Ltd. for the period of 4 quarters is above KRW 6 billion), Jihoon Kim and Hyungrok Jung will be able to choose to proceed with the 2nd stage and if Able C&C Co., Ltd. chooses to proceed with the second transaction, Jihoon Kim and Hyungrok Jung will sell 50% of GM Holdings Co., Ltd. (the remaining 0.04 million shares of Hyungrok Jung and 0.6 million shares of Jihoon Kim after the 1st stage). In the event that the largest shareholder changes, Jihoon Kim and Hyungrok Jung will sell remaining shares in the third stage. Able C&C Co., Ltd. will pay the consideration with the retained cash. The Board of Directors of Able C&C Co., Ltd passed a resolution on the transaction on January 23, 2019. The first stage is expected to complete on February 28, 2019, transfer of remaining stake of Kim Ji-hoon is expected on October 22, 2020 and the timeline for completion of second and third transaction ends date is not identified. Samyoung Accounting Corporation acted as external rating institution. Able C&C Co., Ltd. (KOSE:A078520) completed the acquisition of unknow majority stake in GM Holdings Co., Ltd. from the shareholders for KRW 38.5 billion on December 9, 2020. On October 22, 2020, Able C&C Co., Ltd. entered into a stock transfer contract to acquire 0.6 million shares of Kim Ji-hoon which was the subject of the 2nd and 3rd transaction under the transfer contract for approximately KRW 200 million. On December 09, 2020, Able C&C Co., Ltd. acquired 0.04 million from Jeong Hyeong-rok which was the target of the 2nd and 3rd transaction under the transfer contract for KRW 0.4 million. Able C&C Co., Ltd. was initially acquiring the stake from a group of sellers for KRW 38.3 billion. In addition to 1.5 million shares being acquired from Jihoon Kim and Hyungrok Jung, Able C&C Co., Ltd. was acquiring 0.18 million common shares from a group of individual shareholders for KRW 5.7 billion, 0.1 million common shares and 0.03 million redeemable convertible preferred shares from LB Technology Finance Fund 1 for KRW 2.6 billion and 0.1 million redeemable convertible preferred shares from Korea Technology Credit Guarantee Fund for KRW 3.2 billion.