Semicon Light Co., Ltd. (KOSDAQ:A214310) concluded a contract to acquire 21.6% stake in Huayi Brothers Korea Co., Ltd. (KOSDAQ:A204630) from NSN Co., Ltd. (KOSDAQ:A031860) for KRW 25 billion on July 21, 2020. As reported, Semicon Light Co., Ltd. will acquire 6.25 million shares of Huayi Brothers Korea Co., Ltd. at a price of KRW 4,000 per share in cash. Semicon Light Co., Ltd. paid KRW 2.5 billion as down payment and a first payment of KRW 12.5 billion will be made on July 21, 2020 while NSN Co., Ltd will transfer 3.75 million shares in Huayi Brothers Korea Co., Ltd, second payment of KRW 2 billion will be made by the day before the Huayi Brothers Korea's temporary shareholders' meeting on September 2, 2020 with NSN Co., Ltd. transferring 0.5 million shares and remaining KRW 8 billion will be paid by November 30, 2020 with NSN Co., Ltd transferring 2 million shares.

As of July 21, 2020, NSN Co., Ltd transferred 3.75 million shares in in Huayi Brothers Korea Co., Ltd. Semicon will provide transaction financing of KRW 15 billion from its own funds. The Board of Directors of Semicon Light Co., Ltd passed a resolution for the transaction on July 21, 2020. On September 2, 2020, Semicon made certain changes in payment schedule, as per which, Semicon Light will pay KRW 4 billion in cash for 1 million shares of Huayi Brothers Korea on September 2, 2020 and the balance payment of KRW 6 billion in gold for acquiring 1.5 million shares will be made on December 29, 2020.

which was initially of KRW 8 million gold for 2 million share of Huayi Brothers Korea Co. As of September 2, 2020, 1 million shares were transferred. The transaction is expected to be completed on November 30, 2020.

On September 2, 2020, transaction is now expected to close on December 29, 2020.