HLB Power Co., Ltd. (KOSDAQ:A043220) agreed to acquire remaining 30.21% stake in Ruby Co., Ltd. for approximately KRW 690 million on June 28, 2017. The contract will be signed on July 3, 2017. The merger ratio is 1:8.99833717. HLB Power Co., Ltd. will issue 0.43 million new shares as consideration. After the merger is completed, HLB Power Co., Ltd. will survive and Ruby Co., Ltd. will be dissolved. For the year ended December 31, 2016, Ruby Co., Ltd. reported revenues of KRW 553.5 million, total assets of KRW 2.18 billion, net loss of KRW 673.92 million and total capital of KRW 86.45 million. On July 28, 2017, the Board of Directors of HLB Power Co., Ltd. resolved to approve the deal. On June 29, 2017, Board of Directors resolved the transaction. The transaction is expected to complete on September 1, 2017. As of August 11, 2017, the transaction is expected to be completed on September 12, 2017. The merger registration date is September 12, 2017, the scheduled delivery date of new share certificates is September 25, 2017 and the scheduled listing date of new shares is September 26, 2017. Jiam Accounting Corporation acted as external rating institution.