Seowon Distribution Co., Ltd. agreed to acquire 80% stake in MH Bio Energy Group Co., Ltd. from MH Ethanol Co.,Ltd. (KOSE:A023150) for KRW 40.3 billion on January 21, 2014. As reported, the buyer will acquire 4.62 million shares of MH Bio Energy while MH Ethanol Co.,Ltd will retain the remaining 20% stake in MH Bio Energy Group. The 10% of consideration amount is to be paid on January 21, 2014 and remaining 90% on March 20, 2014.

The buyer will acquire the remaining 20% stake in MH Bio Energy 5 years after the acquisition completion date. The transaction was resolved by Board of Directors of MH Ethanol on January 21, 2014 and is expected to be completed on March 20, 2014.