Kyungnam Wool Textile Co., Ltd. and Woobang Industrial Co., Ltd. agreed to acquire 37.94% stake in Sanbon Department Store Co., Ltd. from TK Chemical Corporation (KOSDAQ:A104480) for KRW 15 billion on December 24, 2015. Kyungnam Wool Textile will acquire 0.59 million shares for KRW 3.7 billion and Woobang Industrial will acquire 1.77 million shares for KRW 11.2 billion. After the transaction, TK Chemical will not hold any stake in Sanbon Department Store. Board of Directors of TK Chemical made a resolution in favor of the transaction on December 24, 2015. The transaction is expected to close on December 30, 2015. Kyungnam Wool Textile Co., Ltd. and Woobang Industrial Co., Ltd. cancelled the acquisition of 37.94% stake in Sanbon Department Store Co., Ltd. from TK Chemical Corporation (KOSDAQ:A104480) on December 24, 2016.