Yongsong Ko signed a contract to acquire 5.53% stake in ELK Corporation (KOSDAQ:A094190) from Dong-Hyuk Shin for KRW 4 billion on March 6, 2019. Under the transaction, Yongsong Ko will acquire 4 million shares at KRW 1,000 per share. Consideration will be paid in cash. KRW 400 million as a deposit on March 6, 2019 and remaining KRW 3.6 billion will be paid on March 18, 2019. As of March 15, 2019, the payment terms have been amended, Yongsong Ko already paid the deposit of KRW 400 million on March 6, 2019 and will now pay KRW 2.1 billion until March 18, 2019 and remaining KRW 1.5 billion until July 30, 2019. 2.5 million shares of ELK Corporation will be transferred to Yongsong Ko after the second payment receipt and 1.5 million shares will be transferred after the balance payment receipt. Post transfer, Dong-Hyuk Shin will own 1 million shares representing 1.4% stake. As of March 15, 2019, Dong-Hyuk Shin transferred 2.5 million shares to Yongsong Ko. The transaction is expected to be completed on March 18, 2019. As of May 15, 2019, the transaction is expected to complete on July 30, 2019.