Kumho Petrochemical Co., Ltd. (KOSE:A011780) and Kumho P&B Chemicals., Inc. signed a contract to acquire 26.6% stake in Kumhoresort Co., Ltd. from Asiana IDT, Inc. (KOSE:A267850) for KRW 63.9 billion on February 23, 2021. Under the terms of the transaction, Asiana IDT, Inc. will sell 4.1 million shares for KRW 15,425 per share. In a related transaction, Kumho Petrochemical Co., Ltd. (KOSE:A011780) and Kumho P&B Chemicals., Inc. signed a contract to acquire 10% stake in Kumhoresort Co., Ltd. from Asiana Saber Inc. for KRW 24 billion on February 23, 2021.

Post-closing, Asiana IDT, Inc. will not hold any stake in Kumhoresort Co., Ltd. For the current year, Kumhoresort Co., Ltd., reported sale of KRW 75.7 billion, total assets of KRW 496.9 billion, total equity of KRW 86.1 billion and net loss of KRW 32.7 billion. The transaction has been resolved by the Board of Asiana IDT, Inc. on February 23, 2021. The transaction is expected to complete within 3 business days having elapsed from the date that all the prerequisites for closing the transaction, such as approval of a business combination report, are satisfied.

As on March 31, 2021, Asiana reported the expected closing of this transaction will be April 1, 2021.