An unknown buyer agreed to acquire Union Tooltech Inc from Union Materials Corp. (KOSE:A047400) for KRW 4.5 billion on December 23, 2020. Under the terms of transaction, Union Materials currently will be disposed of 1.4 million shares of Union Tooltech. Union Materials currently owns 0.96 million shares and will purchase 80,000 shares from individual shareholders. Disposition amount is the carrying amount of KRW 4.3 billion plus KRW 200 million for the number of shares purchased from individual shareholders. For year ended December 31, 2019, the Union Tooltech had total assets, total equity, total revenue and net loss as KRW 5.15 billion, KRW 2.74 billion, KRW 2.35 billion and KRW 0.75 billion respectively. Board of Union Materials passed the resolution on December 23, 2020. Transaction is expected to close on January 20, 2021.