GOLFZON CO., LTD. (KOSDAQ:A215000) signed a contract to acquire Zoimaru business of Golfzonnewdin Co., Ltd. from Golfzonnewdin Co., Ltd. (KOSDAQ:A121440) for KWR 94.9 billion on March 8, 2018. The consideration will be paid in three installments within six months, deposit will be 30%, second payment will be 30% and the balance will be 40%. For the year ended December 31, 2017, Zoimaru business reported sales of KWR 4.61 billion. The Board of Directors of Golfzonnewdin Co., Ltd. passed a resolution on the transaction on March 8, 2018. General meeting of shareholders for the approval of the business acquisition is expected on March 23, 2018. On March 23, 2018, the transaction was approved by the shareholders of GOLFZON CO., LTD.

GOLFZON CO., LTD. (KOSDAQ:A215000) cancelled the acquisition of Zoimaru business of Golfzonnewdin Co., Ltd. from Golfzon Newdin Holdings Co., Ltd. (KOSDAQ:A121440) on May 9, 2018.