Shinsegae Engineering & Construction Co., Ltd. agreed to acquire an additional 2.37% stake in Cheongna IBT Co., Ltd. from Pangaea Blue Hill B.V and Standard Chartered Bank Korea Ltd. for KRW 8.2 billion in cash.

Shinsegae Engineering & Construction Co., Ltd. (KOSE:A034300) agreed to acquire an additional 2.37% stake in Cheongna IBT Co., Ltd. from Pangaea Blue Hill B.V and Standard Chartered Bank Korea Ltd. for KRW 8.2 billion in cash on December 27, 2013. The transaction follows the exercise of a put option by Pangaea Blue Hill B.V and Standard Chartered Bank Korea Ltd. Shinsegae Engineering will acquire 0.58 million shares of Cheongna IBT. Post transaction, Shinsegae Engineering will hold 8.31% stake in Cheongna IBT.

Cheongna IBT Co had total assets of KRW 433 billion, total common equity of KRW 127 billion and net loss of KRW 36 billion for the year ending December 31, 2012. The transaction is expected to be completed on December 27, 2013.