Jeongyookgak CO.,LTD. agreed to acquire 49.1% stake in Chorokmaeul Co. Ltd. from Daesang Holdings Co., Ltd. (KOSE:A084690) for KRW 44.4 billion on March 2, 2022. Jeongyookgak CO.,LTD. was selected as the preferred bidder for the deal.

Jeongyookgak CO.,LTD. will acquire 1.44 million shares of Chorokmaeul Co. Ltd. in the deal. Post-completion, Daesang Holdings Co., Ltd. will not own any stake in Chorokmaeul Co.

Ltd. The Board of Directors of Daesang Holdings Co., Ltd. has resolved the deal. The deal is expected to complete on April 20, 2022. The deal is expected to complete on April 29, 2022.

Chorokmaeul had sales of KRW 193 billion, total assets of KRW 75 billion, net income of KRW -4 billion, total equity of KRW 34 billion and total debt of KRW 41 billion, for the current year. Citigroup Global Markets Korea Securities Limited acted as financial advisor to Daesang.