Socius Advisors and Well to Sea Investment Co., Ltd. won the bid to acquire 42.66% stake in Doosan Engine Co., Ltd. (KOSE:A082740) from Doosan Heavy Industries & Construction Co., Ltd. (KOSE:A034020) for KRW 82.2 billion on February 26, 2018. After completion of the spin-off transaction, Doosan Heavy Industries & Construction Co., Ltd. will sell 14.06 million shares for KRW 82.2 billion. As of April 24, 2018, the consideration was revised to KRW 76.5 billion to be financed by the own funds. Upon completion, Doosan Heavy Industries & Construction Co., Ltd. will not hold any stake in Doosan Engine Co., Ltd. The Board of Directors of Doosan Heavy Industries & Construction Co., Ltd. passed a resolution on the transaction on March 13, 2018. The transaction is expected to complete on May 31, 2018. As per the amendment report dated April 6, 2018, the transaction is expected to be completed by June 8, 2018. Credit Suisse (South Korea) acted as financial advisor to Doosan Heavy Industries & Construction and Kim & Chang acted as legal advisor to Doosan Engine Co., Ltd. and Doosan Heavy Industries & Construction.

Socius Advisors and Well to Sea Investment Co., Ltd. completed the acquisition of 42.66% stake in Doosan Engine Co., Ltd. (KOSE:A082740) from Doosan Heavy Industries & Construction Co., Ltd. (KOSE:A034020) on June 8, 2018. Socius Advisors and Well to Sea Investment Co., Ltd. acquired 14.1 million shares for KRW 5848 each. As a part of the transaction, 10 directors and 4 members of auditor's committee were newly appointed and Youngyeol Ko was appointed as Chief Executive Officer. Socius Advisors funded the transaction through own funds.