HANKOOK Technology Inc. (KOSDAQ:A053590) agreed to acquire DSC Value High No. 1 Co., Ltd. from Interbulls Co., Ltd. (KOSDAQ:A158310) and Keystone DSC Private Investment Firm for KRW 15.3 billion on January 16, 2019. The consideration will be paid in cash. Under the terms, HANKOOK Technology will acquire 62.5 million redeemable preferred shares from Keystone for KRW 8.25 billion to be paid on January 16, 2019 and will acquire 62.5 million shares from Interbulls for KRW 7 billion to be paid on February 18, 2019. As of February 18, 2019, the consideration to Interbulls will be paid on March 11, 2019. As per amended report on March 11, 2019, KRW 7 billion was paid to Interbulls Co., Ltd to acquire 62.5 million shares (50% stake) of the DSC Value High as a total of KRW 500 million (KRW 100 million as deposit and KRW 400 million second payment) was paid and remaining balance of KRW 6.5 billion will be paid on April 2, 2019. As per amendment on April 2, 2019, the balance of KRW 6.5 billion will be paid on May 2, 2019. As on May 2, 2019, HANKOOK completed transaction for 50% ownership in DSC Value from Keystone. As on September 23, 2020, the terms were revised and HANKOOK will now take over the 50% stake from Star Mobility Co.,Ltd. too.

DSC Value High reported total assets of KRW 12.1 billion and net assets of KRW 12.1 billion as of September 30, 2018. The transaction has been resolved by the Board of Directors of Interbulls at the meeting held on January 16, 2019. The transaction is expected to be completed by February 18, 2019. As of February 18, 2019, the transaction is expected to complete on March 11, 2019. As of March 11, 2019, the transaction is expected to complete on April 2, 2019. As of April 2, 2019, the transaction is expected to close on May 2, 2019. As of September 23, 2020, the transaction is expected to complete on November 11, 2020. Ghilin Accounting Corporation acted as External Rating Institution in the transaction.

HANKOOK Technology Inc. (KOSDAQ:A053590) completed the acquisition of DSC Value High No. 1 Co., Ltd. from Star Mobility Co.,Ltd. (KOSDAQ:A158310) and Keystone DSC Private Investment Firm on December 22, 2020.