Hwaseung Enterprise Co., Ltd. (KOSE:A241590) agreed to acquire PT. Hwa Seung Indonesia from Hwaseung Industries Co., Ltd. (KOSE:A006060) for KRW 26.7 billion on August 21, 2017. As consideration, Hwaseung Enterprise Co., Ltd. will issue 1.6 million new shares for the acquisition of 0.3 million shares of PT. Hwa Seung Indonesia. PT. Hwa Seung Indonesia had total assets of KRW 62.4 billion, net assets of KRW 29.8 billion, revenue of KRW 1.9 billion and net loss of KRW 5.4 billion for the year ending December 31, 2016. The transaction has been resolved by the Board of Directors of Hwaseung Industries Co., Ltd. on August 21, 2017 and October 16, 2017. The transaction is expected to complete on November 20, 2017. As on October 17, 2017, the deal is expected to close on October 17, 2017.

Hwaseung Enterprise Co., Ltd. (KOSE:A241590) completed the acquisition of PT. Hwa Seung Indonesia from Hwaseung Industries Co., Ltd. (KOSE:A006060) on October 17, 2017.