Shin Donghae Holdings Co. won a bid to acquire 77.79% stake in AJ Sellcar Co., Ltd. from AJ Networks Co., Ltd. (KOSE:A095570) on November 4, 2020. As per the announcement on January 5, 2021, Shin Donghae Holdings Co.

shall acquire approximately 2.1 million shares of AJ Sellcar Co., Ltd. for approximately KRW 16.7 billion. AutoPlus was selected as the preferred bidder in the transaction. For the year ending September 30, 2020, total asset, net asset, revenue and net loss of AJ Sellcar Co., Ltd. was approximately KRW 48.8 billion, approximately KRW 2.3 billion, approximately KRW 61.9 billion and approximately KRW 1.7 billion respectively.

The transaction was resolved by the board of AJ Networks Co., Ltd. on January 5, 2021. As announced on February 4, 2021, the transaction is expected to be closed February 19, 2021. The transaction is expected to close on February 4, 2021.

The transaction expected to be closed on February 8, 2021. Won, Jung Jun of KPMG Corporate Finance acted as financial advisor to AJ Networks Co.,Ltd.