Kakao M Corp. agreed to acquire an unknown majority stake in Sanai Pictures from Haengnam Inc. (KOSDAQ:A008800) and others on September 17, 2019. As per the terms of transaction Haengnam will sell 820 shares of Sanai Pictures for KRW 9.4 billion and now will hold 380 shares in Sanai Pictures. For the year ending December 31, 2018, Total asset, total capital, revenue and net income of Sanai Pictures was approximately KRW 2.3 billion, approximately KRW 0.9 billion, approximately KRW 7.02 billion and approximately KRW 0.32 billion respectively. The transaction has been resolved by Board of Directors of Haengnam. Sehwa Accounting Firm Co., Ltd. acted as external evaluator in the transaction.