Shinsung Solar Energy Co.,Ltd. (KOSE:A 011930) agreed to acquire the remaining 67.91% stake in Shinsung ENG Co. Ltd. (KOSE:A104110) for KRW 18.3 billion on September 28, 2016. As per the terms, the agreed exchange ratio between Shinsung Solar Energy Co.,Ltd. and Shinsung ENG Co. Ltd. is 1:1.9369683. In a related transaction, Shinsung Solar Energy Co.,Ltd. is also acquiring Shinsung FA Co., Ltd. (KOSE:A104120). Pursuant to completion, Shinsung ENG Co. Ltd. and Shinsung FA Co., Ltd. will be dissolved and Shinsung Solar Energy Co.,Ltd. will be the surviving entity. The exercise of stock option period is November 11, 2016 to November 21, 2016. Juheon Kim and Ji-Seon Lee will be appointed as new Chief Executive Officer in place of Wan-Keun Lee on December 16, 2016. The Board of Directors of Shinsung Solar Energy Co.,Ltd. resolved the transaction on September 28, 2016. Expected closing date of the deal is on December 31, 2016. As of October 19, 2016, the expected closing date has been changed to December 16, 2016. The transaction has been approved by the shareholders of Shinsung Solar Energy Co. and Shinsung ENG on November 11, 2016. The merger was approved during the extraordinary general meeting of shareholders of Shinsung FA. Shinsung Solar Energy Co., Ltd. (KOSE:A011930) completed the acquisition of remaining 67.91% stake in Shinsung ENG Co. Ltd. (KOSE:A104110) on January 2, 2017.