Keystone Hightech No.1 Private Equity Fund signed a contract to acquire 31.5% stake in NEPES AMC (KOSDAQ:A087730) from Nepes Corporation (KOSDAQ:A033640), Byunggu Lee and Sungja Lee for KRW 22.9 billion on February 26, 2018. Under the terms of the transaction, Keystone Hightech No.1 Private Equity Fund will acquire 0.9 million shares at KRW 25,444 per share. Nepes Corporation will receive KRW 18.7 billion for selling 0.74 million shares of NEPES AMC. As consideration, a down payment of KRW 2.3 billion shall be paid to the bank account of Nepes Corporation and 2 others representative name in cash. Intermediate payment of KRW 2.3 billion will be paid on March 12, 2018. Balance payment shall be made in the form of remittance to the bank account of Nepes Corporation and 2 others in cash at the time of the ordinary general meeting of shareholders on March 30, 2018. As per the amendment report dated April 5, 2018, Keystone Hightech No.1 Private Equity Fund will pay KRW 2.3 billion on March 12, 2018, further KRW 2.3 billion will be paid on April 5, 2018 and balance of each payment will be made in the form of remittance to the bank account of each seller notified by the seller in cash at the time of the ordinary general meeting of shareholders on April 16, 2018. Lee Byunggu and Lee, Sungja will sell 0.13 million shares (4.58% stake) and 0.03 million shares (1.14% stake) respectively. The transaction will be financed through the retained funds of Keystone Hightech.

The transaction is resolved by the Board of Directors of Nepes Corporation. The transaction is expected to be complete on March 30, 2018. As per the amendment report dated March 30, 2018, the transaction is expected to be completed by April 5, 2018. As per the amendment report dated April 5, 2018, the transaction is expected to be completed by April 16, 2018. As per the amendment report dated April 16, 2018, Keystone Hightech No.1 SPC Limited will be the buyer now. All rights and obligations under the terms and conditions of the buyer in this acquisition including the rights and obligations concerning the deposit and second payment have been transferred from Keystone Hightech No.1 Private Equity Fund to Keystone Hightech No.1 SPC Limited. The transaction is expected to be completed by April 17, 2018. As per the amendment report dated April 17, 2018, the transaction is expected to be completed by April 18, 2018.