Haesung Industrial Co., Ltd. (KOSDAQ:A034810) agreed to acquire Hankuk Paper Mfg. Co., Ltd (KOSE:A002300) for KRW 73.7 billion on April 1, 2020. As per the transaction, Haesung Industrial Co., Ltd. will issue 8.3 million shares as a consideration.

The merger ratio between Haesung Industrial Co., Ltd and Hankuk Paper Co., Ltd is 1:1.66. Upon the closing of the transaction, Hankuk Paper Mfg. Co., Ltd will merge into Haesung Industrial Co., Ltd and existing company will be Haesung Industrial Co.

The listing of shares is scheduled on July 13, 2020. The Board of Haesung Industrial Co., Ltd. resolved the transaction on April 1, 2020. As of May 27, 2020, shareholders of Haesung Industrial Co., Ltd approved the transaction.

The transaction is expected to be completed by June 1, 2020. As of May 27, 2020, transaction is expected to complete by July 1, 2020.