Daemyung Corporation Co.,Ltd. (KOSDAQ:A007720) and DAEMYUNG LEISURE INDUSTRY Co., Ltd. signed a contract to acquire Soong Corporation for KRW 4 billion on July 7, 2017. As per terms, both Daemyung Corporation Co.,Ltd. and DAEMYUNG LEISURE INDUSTRY Co., Ltd. will acquire 0.03 million shares each for cash. For the year ended December 31, 2017, Soong Corporation reported total assets of KRW 194.1 billion, sales of KRW 6.1 billion and net loss of 11.8 billion. The Board of Directors of Daemyung Corporation Co.,Ltd. resolved the deal on July 7, 2017. The deal may be subject to approval from relevant authorities. The deal is expected to close on July 27, 2017.