Green Energy Holdings Limited signed an agreement to acquire 33.6% stake in Koentec Co., Ltd. (KOSDAQ:A029960) from a group of shareholders for KRW 79.5 billion on April 18, 2017. The shareholders include Foosung HDS Co.,Ltd., Il Kwang E&C Co.,Ltd, Geunsoo Kim, Yongmin Kim, Kyung Heo, Jaejoong Kim and Nayeon Kim. Under the terms of the transaction, Green Energy Holdings Limited will acquire 16.8 million shares of Koentec Co., Ltd. and the consideration payment will be made on June 2, 2017. As of June 2, 2017, the payment was revised to KRW 79.52 billion and was to be paid on June 7, 2017. Additionally, in case the approval of the additional waste landfill plan gets approved, total amount of approximately KRW 20 billion will be paid to the sellers according to the equity ratio. The contingent portion was revised to KRW 14.8 billion. Post completion, none of the sellers will hold stake in Koentec Co., Ltd. and Yonghwan Kim, Jinwook Park, Soojin Lee will be appointed as internal Directors and Hakbae Lee will be appointed as external Director of Koentec. The transaction is expected to close on June 2, 2017. As of June 2, 2017, the transaction closing is extended to June 7, 2017. Green Energy Holdings Limited completed the acquisition of 33.6% stake in Koentec Co., Ltd. (KOSDAQ:A029960) from a group of shareholders on June 7, 2017. The transaction will be funded from internal resources of Green Energy Holdings Limited. As reported on December 27, 2019, two sides agreed to terminate the contract by receiving KRW 14.8 billion for the approval of the additional landfill implementation plan according to the share ratio of each seller.