Kukdo Chemical Co., Ltd. (KOSE:A007690) entered into an agreement to acquire SEOKYO HEUNGUP CO., LTD. for KRW 65 billion on June 26, 2021. The first installment of KRW 1 billion will be paid by June 2021, the second payment of KRW12 billion will be paid by July 2021, the third payment of KRW 19.5 billion will be paid by January 2022 and the third payment of KRW 32.5 billon will be paid by July 2022. As a part of the agreement 0.04 million shares were acquired.

As of December 31, 2020, SEOKYO HEUNGUP reported total assets of KRW 49.77 billion, total equity of KRW 22.92 billion, capital of KRW 400 million, sale of KRW 1.47 billion and net income of KRW 650.46 billion. The Kukdo Chemical board resolution was provided on June 24, 2021. The transaction is expected to be completed by July 4, 2022.

As on July 1, 2022, Expected closing date is postponed to August 11, 2022.