Haesung Industrial Co., Ltd. (KOSDAQ:A034810) and Hankuk Paper Mfg. Co., Ltd (KOSE:A002300) were chosen as preferred bidders to acquire 71.6% stake in seha corporation (KOSE:A027970) from UAMCO Work-out 1st Corporate Recovery Private Equity Fund, a fund managed by Uamco., Ltd., Investment Arm for KRW 55 billion on February 26, 2020. Haesung Industrial Co., Ltd. and Hankuk Paper Mfg. Co., Ltd entered into an agreement to acquire 71.6% in seha corporation from UAMCO Work-out 1st Corporate Recovery Private Equity Fund on March 20, 2020. Under the terms, UAMCO will transfer 21.18 million shares of seha corporation. Hankuk Paper will acquire 57.3% and Haesung Industrial will acquire 14.3%. A part of the consideration will be paid as down payment on the date of the contract and the balance will be paid 60 days from the date of the contract. Post completion, Hankuk Paper Mfg. Co. will be the largest shareholder of seha corporation. The Board of Directors of Hankuk Paper provided the resolution on transaction on March 20, 2020. Transaction is expected to close on May 19, 2020. As of May 14, 2020, transaction is expected to close on May 14, 2020. As on May 14, 2020, acquisition is expected to close by May 19, 2020.

Haesung Industrial Co., Ltd. (KOSDAQ:A034810) and Hankuk Paper Mfg. Co., Ltd (KOSE:A002300) completed the acquisition of 71.6% in seha corporation (KOSE:A027970) from UAMCO Work-out 1st Corporate Recovery Private Equity Fund, a fund managed by Uamco., Ltd., Investment Arm on May 14, 2020. The shares are acquired at KRW 2597 per share.