Ottogi Corporation (KOSE:A007310) agreed to acquire Sangmi Foods Company Limited for approximately KRW 110 million on July 17, 2018. Ottogi Corporation will issue 0.14 million shares for an exchange ratio of 1: 0.8689831. A contract is expected to be signed on July 20, 2018 and a definitive agreement is expected to be signed on August 2, 2018. Ottogi Corporation signed a contract to acquire Sangmi Foods Company Limited on July 20, 2018. After the merger, Sangmi Foods Company will be dissolved with Ottogi Corporation left as surviving entity. Sangmi Foods Company reported total assets of KRW 188.97 billion and total capital of KRW 158.6 billion for the year ended, December 31, 2017. Board of Ottogi resolved in favor of the deal on July 17, 2018. The transaction was approved by the shareholders and Board of Ottogi Corporation on August 20, 2018. Deal is expected to close on September 27, 2018. The scheduled delivery date of new shares is October 8, 2018. As per the amendment of September 14, 2018, the scheduled delivery date of new shares is October 19, 2018. Seongun Accounting Corporation acted as rating institution in the deal. Ottogi Corporation (KOSE:A007310) completed the acquisition of Sangmi Foods Company Limited on September 27, 2018.