Sangmi Ryu and Yongseok Choi signed an agreement to acquire 17.3% stake in Jeil Steel Mfg Co., Ltd. (KOSDAQ:A023440) from Dbarpia Co., Ltd. and Joonseok Choi for KRW 18.5 billion on July 5, 2018. Under the transaction, Yongseok Choi will acquire 2.5 million shares from Joonseok Choi for KRW 10.3 billion. Sangmi Ryu will acquire 1.5 million shares from Joonseok Choi for KRW 6.1 billion and acquire 0.53 million shares from Dbarpia Co., Ltd. for KRW 2.2 billion. As consideration, a deposit of KRW 1.9 billion shall be paid on contract signing date, second payment of approximately KRW 880 million will be paid within 15 business days from the contract signing date and the remaining balance on date of the appointment of new Directors after the date of the extraordinary general shareholders' meeting. As per the amendment report on July 25, 2018, second payment of approximately KRW 880 million will be paid within 15 business days from the contract signing date of July 26, 2018. As per the new amendment dated July 27, 2018, the second payment was due on July 26, 2018 but Sangmi Ryu paid only KRW 200 million out of approximately KRW 880 million to Dbarpia Co., Ltd. The remaining amount of KRW 675.9 million will be paid on August 6, 2018. As per the amendment report dated August 7, 2018, the remaining portion of second payment of KRW 675.9 million due on August 6, 2018 is still not paid. Sangmi Ryu and Yongseok Choi will jointly deposit KRW 15.8 billion by 12 business days before the extraordinary general meeting of shareholders. The transaction is expected to be completed on August 24, 2018. As per the amendment report on July 16, 2018, the transaction is now expected to close on September 12, 2018.