Min-Cheol Kwak agreed to acquire 12.24% of DIOTEK Co., Ltd. (KOSDAQ:A108860) from Infraware, Inc. (KOSDAQ:A041020) for KRW 12 billion on July 1, 2016. Under the transaction, Min-Cheol Kwak will acquire 2.66 million shares of DIOTEK and Infraware, Inc. will hold 2.42 million shares of after the deal closes. Under the terms, KRW 5.9 billion will be paid as deposit on July 1, 2016 and the balance on July 15, 2016.

On July 7, 2016, the deal terms revised. As per the new terms, KRW 5.9 billion is paid on July 1, 2016 and the balance on July 8, 2016. The transaction was resolved by the Board of DIOTEK on July 1, 2016.

The transaction is expected to close on July 15, 2016. Osung Accounting Corporation acted as auditor in the transaction.