Sunjin Co.,Ltd. (KOSE:A136490) agreed to acquire 37.4% stake in Sunjin Philippines Corporation from Harim Holdings Co., Ltd. (KOSDAQ:A003380) for PHP 2.1 billion on September 15, 2020. As per terms of transaction consideration is in cash. Consideration of approximately PHP 410 million (KRW 10 billion) on September 17, 2020 and balance payment of approximately PHP 1.7 billion (approximately KRW 41 billion) on completion date.

For the year ended December 31, 2019, Sunjin Philippines Corporation from reported total assets of approximately PHP 2.4 billion (approximately KRW 59 billion), total equity of approximately PHP 1.3 billion (approximately KRW 33 billion), sales of approximately PHP 4 billion (approximately KRW 98 billion) and net income of approximately PHP 190 million (KRW 4 billion). Transaction is expected to complete on October 5, 2020.