Itcen Co., Ltd. (KOSDAQ:A124500) agreed to acquire 24.85% stake in Comtec Systems Co.,Ltd from group of sellers for KRW 30.5 billion on August 10, 2018. Under the terms, Itcen Co., Ltd will acquire 11.89 million shares of Comtec Systems Co.,Ltd. The consideration in the form of deposit, second payment and remaining balance will be paid in cash. The transaction has been resolved by the Board of Directors of Itcen Co., Ltd at the meeting held on August 10, 2018.

The transaction is expected to be completed by October 31, 2018. Jeong Myung Accounting Corp acted as External Rating institution in a transaction.