Omnitel, Inc. (KOSDAQ:A057680) signed a contract to acquire 18.1% stake in Artis Co., Ltd. (KOSE:A101140) from Daiduck Piping Co., Ltd. and Moohyung Choi for KRW 16.3 billion on December 3, 2018. Under the terms, Omnitel, Inc. will acquire 4.3 million shares at KRW 3,800 per share. Of the total consideration, KRW 1.7 billion will be paid on the contract signing date (deposit), KRW 6.5 billion to be paid until January 25, 2019 (second payment) and KRW 8.1 billion will paid upon general meeting of shareholders (balance payment).

Upon the second payment, 2.2 million shares will be transferred and 2.1 million shares will be transferred on the balance payment date. The transaction was resolved by the Board of Directors of Artis Co., Ltd. on December 3, 2018. On December 19, 2018, Omnitel, Inc. made a certain payment and acquired 1.3 million shares of Artis Co., Ltd. If the second payment is made according to the contract signed on December 3, 2018, Omnitel, Inc. will own 3.49 million shares of Artis Co., Ltd. As per the update on January 25, 2019, upon completion, Daiduck Piping Co., Ltd. and Moohyung Choi cease to hold any stake in Artis Co., Ltd. Omnitel, Inc. will acquire 1.85 million shares from Daiduck Piping Co., Ltd. and 0.28 million shares from Moohyung Choi.

The transaction is partially completed on January 25, 2019. The transaction is expected to be completed on March 29, 2019. As of March 14, 2019, after amendment, the transaction is expected to be completed on March 27, 2019.

Sungjee Accounting Corp. acted as external rating institution. As of January 30, 2019, Gaul Accounting Corp acted as external rating institution.