Sam Kwang Glass Co., Ltd. (KOSE:A005090) agreed to acquire Gunjang Energy Co., Ltd. from Woosung Lee, Wonjun Lee, Lee Kwang - soo, Kwon Youngman, Samkwang Glass and eTEC E&C Limited(KOSDAQ:A016250) for approximately KRW 100 billion on March 18, 2020. Sam Kwang Glass will acquire 10.41 million shares of Gunjang Energy at a merger ratio of Sam Kwang Glass Co., Ltd. and Gunjang Energy Co., Ltd. is 1: 2.5373016. Sam Kwang Glass will acquire 12.15% from Woosung Lee, 12.23% from Wonjun Lee, 0.17% from Lee Kwang - soo, 0.12% from Kwon Youngman, 25.04% from Samkwang Glass and 47.67% from eTEC E&C. As of May 20, 2020, the merger ratio was corrected to 1: 2.1350924. As of August 13, 2020, the merger ratio was corrected to 1:1.7048641. The transaction is subject to change through consultation and approval processes with related organizations. The transaction is expected to be approved by the shareholders of eTEC E&C at the meeting scheduled on July 1, 2020. On April 1, 2020, a merger approval was obtained from the Chungcheongnam-do governor for the solar power generation business located in Nonsan, Chungnam. The transaction is expected to be completed by July 1, 2020. As of April 23, 2020, the transaction is expected to be completed by August 5, 2020. As of May 20, 2020, expected completion date of transaction changed to unknown. As of August 13, 2020, The transaction is expected to close by October 31, 2020.

Sam Kwang Glass Co., Ltd. (KOSE:A005090) completed the acquisition of Gunjang Energy Co., Ltd. from Woosung Lee, Wonjun Lee, Lee Kwang - soo, Kwon Youngman, Samkwang Glass and eTEC E&C Limited (KOSDAQ:A016250) on October 31, 2020. Upon completion, the surviving company, Samkwang Glass Co., Ltd., will take over all rights and obligations for the debts held by Gunjang Energy Co., Ltd. as of the merger date. Samkwang Glass Co will change its name to SGC Energy Co., Ltd.