Fortis, Inc. (KOSDAQ:A141020) agreed to acquire 27.7% stake in PT. Lejel Shopping from Gukjong Yoo for KRW 8.6 billion on June 9, 2018. As per the terms of the transaction, Fortis will acquire 6377 common shares of PT. Lejel Shopping for KRW 5 billion. As part of transaction, Fortis Inc will also acquire its 3000 redeemable convertible preferred stock from Future Planning SBI ASEAN-M&A Investment Fund, One Best Venture Capital Co., Ltd., SV Science And Technology Fund, Seoul Investment - HBIC Youth Startup Fund, IBK-Daesung Contents Small Giant Fund and Shinhan Capital Corp. for KRW 3.6 billion. The consideration for common stock will be paid through issuance of convertible bonds on June 29, 2018. The consideration for redeemable convertible preferred stock will be paid as 10% deposit on June 29, 2018, 50% payment on September 28, 2018 and balance 40% payment on December 31, 2018. After amendment, 50% payment which was supposed to be paid on September 28, 2018 will be paid on October 26, 2018. As of October 26, 2018, the second payment will be paid on October 29, 2018 instead of October 26, 2018. As per amendment dated December 28, 2018, the balance 40% payment of KRW 1.4 billion will be paid on January 31, 2019. As on December 31, 2017, PT. Lejel Shopping reported total assets of KRW 9.3 billion and total capital of KRW 1.7 billion. For the year ended December 31, 2017, PT. Lejel Shopping reported sales of KRW 25.6 billion and net profit of KRW 169.6 million. The Board of Directors of Fortis Inc. passed a resolution on the transaction on June 9, 2018. The transaction is expected to close on December 31, 2018. As per amendment dated December 28, 2018, the transaction is expected to close on January 31, 2019. As per amendment dated January 31, 2019, the transaction is expected to close on March 29, 2019. As per amendment dated March 29, 2019, the transaction is expected to close on June 21, 2019. Shin Seung Accounting Corporation acted as an external rating institution. Fortis, Inc. (KOSDAQ:A141020) completed the acquisition of 27.7% stake in PT. Lejel Shopping from Gukjong Yoo on June 21, 2019.