Byoung-oh Choi and 2 others signed a contract to acquire 40.93% stake in Woosung I&C Co. Ltd. (KOSE:A011080) from Jong-woo Lee and 3 others for KRW 12 billion on April 26, 2012. Byoung-oh Choi and 2 others will acquire 4.79 million shares of Woosung I&C. As per the terms of the contract, KRW 1 billion will be paid as deposit on April 26, 2012 and 0.6 million shares will be delivered within the 7 days from the contract date. A second payment of KRW 4.8 billion will be paid within the 20 days from the contract date and concurrently 2 million shares will be transferred. Another payment of KRW 5.2 billion will be paid within 3 days from the extraordinary shareholders meeting end date. Share transfer of 2.19 million shares and the remaining balance of KRW 1 billion will be reserved from payment for 1 year. New officers will be selected at the general meeting of stockholders at a later date. The transaction is expected to complete on May 18, 2012.