Shinsung Delta Tech Co.,Ltd. (KOSDAQ:A065350) agreed to acquire an additional 39% stake in L&S Venture Capital Corp. from CoAsia Corporation (KOSDAQ:A045970) for KRW 5.4 billion on August 31, 2020. Shinsung Delta Tech Co.,Ltd. will acquire 1.1 million shares.

Down payment of 20% will be paid on date of signing this contract, Intermediate payment (30%) will be paid on September 15, 2020 and Balance (50%) will paid on October 6, 2020. Post-completion, Shinsung Delta Tech Co.,Ltd. will increase its stake in L&S Venture Capital Corp to 48.2%. For the year ended December 31, 2019, L&S Venture Capital Corp.

reported total assets of KRW 23.5 billion, net assets of KRW 13.8 billion, total sales of KRW 4.2 billion and net income of KRW 66 million. The transaction is expected to complete on October 6, 2020. The purpose of sales is securing funds to advance into the financial business of new technology.