CJ Freshway Corporation (KOSDAQ:A051500) agreed to acquire 90% stake in J & Food Agricultural Corporative Company for KRW 1.4 billion on March 21, 2019. The consideration will be paid in cash. Under the terms, 9000 shares of J & Food Agricultural Corporative Company will be acquired. The transaction will be in two tranches. In 2019, 7000 shares will be acquired for KRW 1.13 billion and in remaining will be acquired by May 31, 2021 for KRW 320 million. Deposit for the 1st payment (KRW 1.13 billion ) which is KRW 150 million will be paid within the 5 business days from the contract signing date and the remaining balance will be paid on May 31, 2021. The Board of Directors of CJ Freshway Corporation passed a resolution on the transaction on March 21, 2019. The transaction is expected to complete on May 31, 2021.