Taesung ICT Co., Ltd acquired 16.02% stake in People & Telecommunication Inc. (KOSDAQ:A054340) from Kernel C&C Co., Ltd for KRW 9.9 billion on December 7, 2017. Under the terms, Taesung ICT will acquire 3.94 million shares and will pay the consideration based on the Money Consumption Balance Contract written by Kernel C&C Co., Ltd. The acquisition is funded through borrowings/loans. Kernel C&C Co., Ltd will not hold any stake in People & Telecommunication Inc and transfer all the rights acquired through the contract signed with Kim, Chul and 1 other on November 17, 2017 to Taesung ICT Co., Ltd. Taesung ICT Co., Ltd completed the acquisition of 16.02% stake in People & Telecommunication Inc. (KOSDAQ:A054340) from Kernel C&C Co., Ltd on December 7, 2017.