Global K Co., Ltd. signed a contract to acquire 19.23% stake in G Enone Energy Co., Ltd. (KOSDAQ:A270520) from GnCenergy Co., Ltd (KOSDAQ:A119850) for KRW 30 billion on June 16, 2021. As reported, Global K Co., Ltd. will acquire 6 million shares in G Enone Energy Co., Ltd. at a price of KRW 5,000 per share. A down payment of KRW 3 billion, equivalent to 10% of the total consideration to acquire 0.6 million G Enone shares shall be paid on signing of the contract on June 16, 2021 and the balance of KRW 27 billion, equivalent to 90% of the total consideration to acquire 5.4 million G Enone shares will be paid at the time of closing.

As of September 13, 2021, the remaining balance of KRW 27 billion amounting to 90% of the transfer price will be paid on November 16, 2021. Currently, GnCenergy Co., Ltd shareholding in G Enone Energy Co., Ltd. will be reduced from 37.06% stake to 17.83% post completion. The transaction is expected to close on September 14, 2021.

As of September 13, 2021, the transaction is expected to be completed on November 16, 2021. As of November 15, 2021, the transaction is expected to close on February 25, 2022. The sale proceeds shall be applied towards securing funds for new construction of Magok Research Center and investment for future growth engines.