E-MART Inc. (KOSE:A139480) signed a contract to acquire E-Mart Gwangju branch operation from Gwangju Shinsegae Co., Ltd for KRW 4.1 billion on November 13, 2018. The consideration is paid in cash. E-Mart Gwangju branch operation reported sales of KRW 74.7 billion and total assets of KRW 3.62 billion as of December 31, 2017. The transaction has been resolved by the Board of Directors of Gwangju Shinsegae Co., Ltd at the meeting held on November 13, 2018. General meeting of shareholders will be held on December 24, 2018. On December 24, 2018, the transaction was approved by the shareholders of Gwangju Shinsegae Co., Ltd. The transaction is expected to be completed by January 1, 2019. Ernst & Young Han Young acted as External Rating Institution in a transaction.

E-MART Inc. (KOSE:A139480) completed the acquisition of E-Mart Gwangju branch operation from Gwangju Shinsegae Co., Ltd on January 1, 2019.