Taihan Metal & Cable Co., Ltd., Dreamco Co.,Ltd., Plinth Co., Ltd., Hae-Joon Yang, Woong-Bae Seo and Hye-Young Min signed a contract to acquire 40.22% stake in Jeil Steel Mfg Co., Ltd. (KOSDAQ:A023440) from Jun-Seok Choi for KRW 26.4 billion on November 18, 2015. Jun-Seok Choi will sell 7.66 million shares of Jeil Steel Mfg Co., Ltd. at KRW 3445 per share. Taihan Metal, Dreamco, Plinth, Hae-Joon Yang, Woong-Bae Seo and Hye-Young Min will acquire 3.3 million, 1.1 million, 0.76 million, 0.6 million, 1.1 million and 0.8 million shares respectively.

A payment of KRW 1.4 billion will be made upon signing of the contract, KRW 1 billion will be paid until November 20, 2015 and KRW 21.6 billion will be paid within 18 days from the date of signing of the contract and transfer of 7.26 million shares. Payment of KRW 2.4 billion will made until 5 days before extraordinary meeting of shareholders and additionally transfer 0.4 million shares. As on November 20, 2015, the 2nd payment date was extended to November 25, 2015.

The transaction is expected to complete on December 14, 2015.