KCTC Co. Ltd (KOSE:A009070) agreed to acquire Changwon Steel Co., Ltd. from Sejoong Co., Ltd. (KOSDAQ:A039310) for KRW 14 billion on November 8, 2017. KCTC will acquire 1 million shares and the consideration will be paid in installments, of the KRW 14 billion, KRW 2.2 billion will be paid on contract date, KRW 8.8 billion will be paid on closing, KRW 1 billion will be paid on January 31, 2019 and KRW 2 billion will be paid on January 31, 2020. Post transaction, Sejoong Co., Ltd. will not own any shares of Changwon Steel. Changwon Steel Co., Ltd reported total assets of KRW 22.5 billion and net assets of KRW 19.7 billion as of August 1, 2017. The transaction is subject to approval from Fair Trade Commission. The transaction is resolved by the Board of Sejoong Co., Ltd and is expected to complete on December 29, 2017. Saesidae Accounting Corporation acted as external rating institution.

KCTC Co. Ltd (KOSE:A009070) cancelled the acquisition of Changwon Steel Co., Ltd. from Sejoong Co., Ltd. (KOSDAQ:A039310) on November 8, 2018.