J way Co., Ltd. (KOSDAQ:A058420) agreed to acquire 88.3% stake in Sungbo Industries Co., Ltd. from Kyunghee Ha and 4 others for KRW 3.1 billion on December 19, 2017. Under the terms of transaction, J way Co., Ltd. will acquire 0.09 million shares for KRW 3.1 billion. As per the amendment received on January 12, 2018, Sungbo Industries Co., Ltd. will now acquire 88.3% stake in Sungbo Industries Co., Ltd. from Kyunghee Ha and 4 others for KRW 2.9 billion. For the year ended December 31, 2016, Sungbo Industries Co., Ltd. reported total assets of KRW 10.2 billion, net liability of KRW 1.5 billion, revenue of KRW 27.1 billion and net profit of KRW 1.01 billion. Board of Directors resolved the transaction on December 19, 2017. The transaction is expected to be completed by February 14, 2018. As per the amendment received on January 12, 2018, the transaction is expected to complete on February 28, 2018. Hangil Woorim Accounting Corporation acted as external rating institution in the transaction.