Hojung Lee and Jinman Kim agreed to acquire 15% stake in PAXNet, Inc. (KOSDAQ:A038160) from The Asia Business Daily Co., Ltd. (KOSDAQ:A127710) for KRW 24.7 billion on August 13, 2018. Under the terms, Hojung Lee and Jinman Kim will acquire 1.67 million shares of PAXNet, Inc. in which Hojung Lee and Jinman Kim will acquire 0.83 million shares (7.5% stake) each for KRW 12.4 billion each. The transaction has been resolved by the Board of Directors of The Asia Business Daily Co., Ltd at the meeting held on August 13, 2018. The transaction is expected to be completed by August 13, 2018. Samyoung Accounting Corporation acted as external rating institution in the transaction.

Hojung Lee and Jinman Kim completed the acquisition of 15% stake in PAXNet, Inc. (KOSDAQ:A038160) from The Asia Business Daily Co., Ltd. (KOSDAQ:A127710) on August 13, 2018. Under the terms, the shares were acquired at KRW 14,865 per share.