Ilseung Co.,Ltd. entered into an agreement to acquire Mirae Asset Daewoo Special Purpose Acquisition Company 4 Co., Ltd (KOSDAQ:A333430) from The Turning Point and others for KRW 48.1 billion in a reverse merger transaction on September 18, 2020. The merger ratio of Mirae Asset Daewoo Special Purpose Acquisition Company 4 and Ilseung Co.,Ltd. is 1: 3.9205000. Post completion, the largest shareholder of the merged entity will be Sejin Heavy Industries Co., Ltd., currently the parent of Ilseung Co.,Ltd. with 60.82% stake, and its share in the merged entity, along with related parties, will be 72.92%.

Upon completion, Ilseung Co., Ltd. will have the effect of listing on the KOSDAQ market while maintaining the continuity of the business. Mirae Asset Daewoo's shareholders' meeting for their approval is scheduled on January 20, 2021. The Board of Mirae Asset Daewoo resolved this transaction on September 18, 2020.

As on February 5, 2021, Upon completion of the merger, the largest shareholder is changed to Sejin Heavy Industries Co., Ltd. and the share of the largest shareholder, including related parties, becomes 75.23%. and the shareholders meeting is scheduled on March 24, 2021. The transaction is expected to close on February 26, 2021.

As on February 5, 2021, the transaction is expected to close on April 29, 20201. Echon & Co. acted as external evaluation agency in this transaction.