BP Investment Korea Co., Ltd. signed a contract to acquire 4.53% stake in U-Tech Co., Ltd. (KOSDAQ:A178780) from Foxbrain Holdings Co., Ltd for KRW 10 billion on November 21, 2018. BP Investment Korea Co., Ltd. will acquire 0.78 million shares of U-Tech Co., Ltd. BP Investment Korea Co., Ltd. will pay KRW 1.5 billion as deposit on November 21, 2018, a second payment of KRW 3.5 billion on March 31, 2019 and balance of KRW 5 billion will be paid on June 30, 2019. As on February 11, 2019, Hwashin Tech Co., Ltd. (KOSDAQ:A086250) replaced BP Investment Korea Co., Ltd. as the buyer in the deal and signed a contract to acquire 4.53% stake in -Tech Co., Ltd. from Foxbrain Holdings Co., Ltd for KRW 7 billion. The payment date is February 11, 2019 and has been substituted by the issuance of Hwashin Tech Co., Ltd. 7th round convertible bond. The Board of Directors of Hwashin Tech Co., Ltd. passed a resolution for the deal on February 11, 2019.

Hwashin Tech Co., Ltd. (KOSDAQ:A086250) completed the acquisition of 4.53% stake in U-Tech Co., Ltd. (KOSDAQ:A178780) from Foxbrain Holdings Co., Ltd on February 11, 2019.