Huayi Brothers Co., Ltd. (KOSDAQ:A204630) agreed to acquire 66.67% stake in Madmanpost Co., Ltd. for KRW 2 billion on September 6, 2016. Huayi Brothers Co will acquire 0.05 million existing shares for KRW 1.5 billion and 0.02 million new shares of Madmanpost Co for KRW 500 million in the deal. Post-completion, Huayi Brothers Co will hold 0.07 million shares of Madmanpost Co. As on December 31, 2015, Madmanpost reported total assets of KRW 23.88 billion. The Board of Huayi Brothers Co. resolved the deal on September 6, 2016. The deal is expected to close on September 30, 2016. The proceeds raised from the capital increase will be used to participate in various images in the second half of business year, expand business and to secure technology to advance into Chinese market. Huayi Brothers Co., Ltd. (KOSDAQ:A204630) completed the acquisition of 66.67% stake in Madmanpost Co., Ltd. in 2016.