Jahwa Electronics. Co., Ltd (KOSE:A033240) agreed to acquire Sookwangtti Inc. from Sukwang TTI Co., Ltd. for KRW 38.4 billion on February 18, 2022. Jahwa Electronics.

Co. will acquire 0.04 million shares of Sookwangtti Inc. and will issue 48.5799131 shares of Jahwa Electronics. Co.

per share as consideration. Post-completion, Sookwangtti Inc. will become wholly owned subsidiary of Jahwa Electronics. Co., Ltd. Sookwangtti Inc. had total assets of KRW 20.3 billion and total equity of KRW 11.7 billion for the year ended December 31, 2021.

The deal is subject to the approval of the shareholders of Jahwa Electronics. Co., Ltd and Sukwang TTI Co., Ltd. The Board of Directors of Jahwa Electronics. Co., Ltd resolved the deal on February 18, 2022.

The signing of the exchange contract is planned on February 18, 2022. The scheduled date of general meeting of shareholders of Jahwa Electronics. Co., Ltd is March 31, 2022.

The transaction is expected to close on May 2, 2022. Ernst & Young Han Young acted as external evaluation agency in the deal.