J Steel Company Holdings Inc. (KOSDAQ:A023440) agreed to acquire a 24.05% stake in Willings Co., Ltd. (KOSDAQ:A313760 from Ahn kang Soon and Yoon Mi ran for KRW 30.09 billion on May 23, 2022. Under the terms, J Steel Company will acquire 800,000 shares in Willings. The consideration of KRW 2 billion has been paid on June 30, 2022.

As of October 7, 2022, consideration of further KRW 2 billion has been paid. Remaining balance is expected to be paid on October 31, 2022. J Steel Company will use own funds to support the transaction consideration.

The transaction is expected to close on June 30, 2022. As of September 30, 2022, the transaction is expected to close on October 7, 2022. As of October 7, 2022, The transaction is expected to close on October 30, 2022.