Woori Network Co., Ltd. announced a private placement of 138,757 common shares at KRW 10,530 per share for gross proceeds of KRW 1,461,111,210 on December 14, 2015. The shares issued have a par value of KRW 5,000 per share. The transaction included participation from Woori Consumer Cooperative Fund for KRW 9,496,000,000, Sung-Jin Pyo for 9,496,000,000, Gaeasoft for KRW 48,500,000,000, and 58 individual investors including company's directors. After the completion of the transaction, the stake of GaeaSoft was diluted from 100% to 79.43%. The company issued shares through third party allotment method. The payment date for the transaction was December 14, 2015. The transaction has been approved by the board of directors of the company.