System and Application Technologies Co., Ltd. (KOSDAQ:A060540) agreed to acquire 80% stake in Jeju Industry Company from Cheil HK Co., Ltd for KRW 8.8 billion on October 24, 2014. System and Application Technologies will acquire 0.09 million shares of Jeju Industry. System and Application Technologies deposited KRW 1.1 billion on October 24, 2014 and will pay remaining KRW 7.7 billion on November 7, 2014. The purchase price will be funded through issuance of convertible bonds. Jejuindustry Company reported total assets of KRW 13.14 billion and total common equity of KRW 9.2 billion for the year ending April 30, 2014. Board of Directors of System and Application Technologies Co., Ltd. made a resolution in favor of the transaction on October 24, 2014. The transaction is expected to close on November 7, 2014. Nexia-Samduk acted as external evaluation agency in the transaction.

System and Application Technologies Co., Ltd. (KOSDAQ:A060540) completed the acquisition of 80% stake in Jeju Industry Company from Cheil HK Co., Ltd on November 7, 2014.