Elite Basic Inc. (KOSE:A093240) agreed to acquire Ragello from Fashion Group Hyungji Co., Ltd. for KRW 4.5 billion in cash on August 8, 2014. In the deal Elite Basic Inc. will acquire 0.02 million shares. As of June 2014, Ragello had total assets of KRW 5.95 billion and total stockholders' equity of KRW 3.05 billion. From January 1, 2014 to June 30, 2014, Ragello had sales revenue of KRW 6.9 billion and net loss of KRW 918 million. Board of Directors of Elite Basic Inc. made a resolution in favor of the transaction on August 8, 2014. The scheduled acquisition date is August 13, 2014.

Elite Basic Inc. (KOSE:A093240) cancelled the acquisition of Ragello from Fashion Group Hyungji Co., Ltd. on August 8, 2015.