SBK Partners Co., Ltd and SKY ROOT LIMITED agreed to acquire 50.08% stake in Hansol CNP Co., Ltd. (KOSDAQ:A221610) from Hansol Chemical Co., Ltd. (KOSE:A014680) for KRW 26.2 billion on August 13, 2018. SBK Partners Co., Ltd and SKY ROOT LIMITED signed a contract with Hansol Chemical Co., Ltd on August 14, 2018. Under the terms, SBK Partners Co., Ltd and SKY ROOT LIMITED will acquire 2 million shares of Hansol CNP Co., Ltd at KRW 13,100 per share in which SBK Partners Co., Ltd and SKY ROOT LIMITED will acquire 45.07% and 5.01% stake respectively. 10% of the total consideration was received in US currency ($) as deposit on August 13, 2018 and remaining balance of the total consideration will be received in won currency (KRW) on November 30, 2018. Post-acquisition, Hansol Chemical Co., Ltd will not hold any shares in Hansol CNP Co., Ltd. The transaction is expected to be completed by November 30, 2018.

As per the new amendment dated November 30, 2018, balance payment will be done on January 10, 2019. The transaction is now expected to be completed on February 25, 2019. As per the new amendment dated January 10, 2019, scheduled payment date for remaining balance will be in negotiation.

SBK Partners Co., Ltd and SKY ROOT LIMITED cancelled the acquisition of 50.08% stake in Hansol CNP Co., Ltd. (KOSDAQ:A221610) from Hansol Chemical Co., Ltd. (KOSE:A014680) on February 25, 2019. SBK Partners Co., Ltd and SKY ROOT LIMITED were unable to pay the balance; hence, the contract was cancelled.