Hotel Shilla Co.,Ltd (KOSE:A008770) agreed to acquire unknown minority stake in GMS Duty Free for KRW 22 billion on July 26, 2019. Post completion, Hotel Shilla Co.,Ltd will hold 40% in GMS Duty Free. Hotel Shilla Co.,Ltd (KOSE:A008770) completed the acquisition of 29.58% stake in GMS Duty Free for KRW 21.7 billion on August 13, 2019. Hotel Shilla Co.,Ltd acquired 5.68 million shares. Post completion, Hotel Shilla Co.,Ltd will hold 40% stake in GMS Duty Free. For the year ended 2018, GMS Duty Free reported total assets of KRW 81.9 billion, total debt of KRW 98.3 billion, capital of KRW 17.2 billion, sales of KRW 43.4 billion and net loss of KRW 12.37 billion. The acquisition will support working capital and improve financial structure and promote sound operation by repaying existing debt.