Telcon Co., Ltd. (KOSDAQ:A200230) signed a contract to acquire an additional 8.7% stake in KPM TECH Co., Ltd. (KOSDAQ:A042040) from OFC Co., Ltd. and Philos Fund 1 for KRW 14 billion on November 10, 2016. Under the terms, Telcon Co., Ltd. will acquire 0.97 million shares. OFC Co., Ltd. will sell 0.28 million shares at KRW 14,500 per share and Philos Fund 1 will sell 0.69 million shares at 14,500 per share. Post completion will hold 0.52 million shares of KPM TECH Co., Ltd. Out of the consideration, a deposit of KRW 2.8 billion is payable as deposit on the contract signing date, KRW 3.8 billion is payable on November 14, 2016 and the balance is payable within December 30, 2016. The Board of Directors of Telcon Co., Ltd. passed a resolution for the deal on November 10, 2016. As per the amendment on December 29, 2016, the transaction is now expected to close on February 3, 2017 and the balance is payable within February 3, 2017. As of February 3, 2017, the balance consideration will be paid within March 6, 2017 and the transaction is expected to close on March 6, 2017. Seil Accounting Corporation acted as an external rating institution in the transaction.

Telcon Co., Ltd. (KOSDAQ:A200230) completed the acquisition of an additional 8.7% stake in KPM TECH Co., Ltd. (KOSDAQ:A042040) from OFC Co., Ltd. and Philos Fund 1 on March 6, 2017.