Daiyang Metal Co., Ltd. (KOSE:A009190) entered into a contract to acquire a 50.55% stake in Young Poong Paper Mfg Co.,Ltd. (KOSE:A006740) from Growth First Investment Purpose Co., Ltd. for approximately KRW 130 billion on June 14, 2022. Daiyang Metal will acquire 11,221,730 shares and will pay 10% of the transaction price as down payment on contract signing and the balance consideration on closing. The consideration will be funded from holding funds and new funds.

In a related transaction, Daiyang Metal entered into the sales contract to purchase stock options granted by Young Poong Paper on March 16, 2018. The transaction is resolved by the board of Young Poong Paper and Daiyang Metal and expected to close on November 9, 2022. As of November 11, 2022, The transaction is expected to close on November 10, 2022.