Eagon Industrial Co., Ltd. (KOSE:A008250) agreed to acquire remaining 46.35% stake in Blue Energy Co., Ltd. from BL One Co., Ltd. for approximately KRW 350 million in stock on September 25, 2015. A merger contract will be signed on September 30, 2015. Eagon Industrial will issue 0.0030084 shares for each share of Blue Energy.

Eagon Industrial will issue a total of 20,794 new shares. Eagon Industrial will survive and Blue Energy will be dissolved after the merger. Blue Energy Co., Ltd. reported total assets of KRW 10.12 billion, negative total capital of KRW 4.32 billion, operating revenues of KRW 40, operating loss of KRW 1.37 billion and net loss of KRW 1.37 billion in the year 2014.

The Board of Directors of Eagon Industrial Co., Ltd passed a resolution for the transaction on September 25, 2015. The transaction is expected to be completed on November 30, 2015.