Kim Woo-dong, Gold Pacific Co., Ltd. (KOSDAQ:A038530) and two others entered into an agreement to acquire 41.33% stake in Jokwang ILI Co., Ltd. (KOSDAQ:A044060) from Lim Man-soo and five others for KRW 40.9 billion on October 11, 2019. Under the terms of the transaction, KRW 4.1 billion will be paid as down payment and the balance amount of KRW 36.76 billion will be paid 7 days before the extraordinary general meeting of the shareholders. Under the terms of the transaction, 4.09 million shares will be acquired at a price of KRW 10,000 per share.

Kim Woo-dong will acquire an additional 0.4 million shares in the transaction and will hold 1.9 million shares in Jokwang ILI post completion of the transaction. Lim Man-soo will sell 1.92 million shares of Jokwang ILI Co., Ltd., Changsoo Im will sell 0.84 million shares, Chunsoo Im will sell 0.68 million shares, Gyewon Kim will sell 0.35 million shares, Jongin Im will sell 0.33 million shares and Chaewook Im will sell 0.002 million shares. As of November 14, 2019, the share transfer of KRW 11.9 billion has been paid.

The transaction is expected to complete on November 14, 2019.