IM Tech Inc. (KOSDAQ:A226350) signed a contract to acquire 49% stake in Sung Jin Metal Co., Ltd from Sangjin Kim, Seokjin Kim and Younggeum Jung for KRW 7.9 billion on June 19, 2019. IM Tech Inc will acquire 0.0245 million shares of Sung Jin Metal and will pay KRW 7.8 billion on June 19, 2019 and KRW 76.8 million on July 31, 2019. As of August 30, 2019, balance considerations shall be payable on September 30, 2019. The transaction will be funded through the proceeds of KRW 7.8 billion raised through issue of convertible bonds and own funds of IM Tech Inc. The transaction is resolved by the Board of IM Tech Inc. on June 19, 2019. Transaction is expected to complete on July 31, 2019. As on July 31, 2019, the deal is expected to close on August 30, 2019. As of August 30, 2019, deal is expected to close on September 30, 2019. Anse Accounting Corporation acted as external rating institution.