Encave Fund and Destroy Fund agreed to acquire 10.1% stake in Jokwang ILI Co., Ltd. (KOSDAQ:A044060) from ACT Co., Ltd. (KOSDAQ:A131400) for KRW 10.6 billion on December 21, 2020. As a result of the transaction, ACT Co., Ltd. will reduce its stake in Jokwang to 0%. The Board of ACT Co., Ltd. resolved the transaction on December 21, 2020.

The transaction is expected to close on December 28, 2020.