Taekwang Industrial Co., Ltd. (KOSE:A003240) agree to acquire additional 19.5% stake in Heungkuk Fire&Marine Insurance Co., Ltd. (KOSE:A000540) from Heungkuk Life Insurance Co.,Ltd. for approximately KRW 490 billion on December 27, 2022. Under the terms of transaction, Taekwang Industrial will acquire 12.7 million shares of Heungkuk Fire&Marine at price of KRW 3,876 per share. Post completion, Taekwang Industrial will own 25.5 million shares representing 39.

13% stake in Heungkuk Fire&Marine Insurance Co