POBIS TNC CO., Ltd (KOSDAQ:A016670) and Mirae Corporation (KOSE:A025560) agreed to acquire a 29.85% stake in IokCompany Co., Ltd. (KOSDAQ:A078860) from W Holding Company Co., Ltd. (KOSDAQ:A052300), Young Sik Won, Sujin Kang and Sung Joon Won for KRW 85 billion on August 6, 2020. Under the terms, the buyers will acquire 10.9 million shares from W Holding Company, 2.1 million shares from Young Sik Won, 2.4 million shares from Soo Jin Kang and 4.2 million shares from Sung Joon Won. As on September 24, 2020, POBIS TNC CO., Ltd will acquire 17.1 million shares from W Holding Company Co., Ltd., Young Sik Won and Sung Joon Won for KRW 74.6 billion and Mirae will acquire 2.4 million shares at a price per share of KRW 4355.82.

The consideration of KRW 8.5 billion was paid as down payment on August 6, 2020 and the remaining balance will be paid on completion. Post completion, W Holding Company will hold 9.38% stake, POBIS TNC will hold 29.85% stake and other sellers will not hold any stake in IokCompany. The transaction is expected to completed on September 24, 2020.

Grant Thornton Daejoo Korea acted as accountant to Mirae Corporation.