Kukyoung Glass Industries (KOSE: A006050) agreed to acquire 258 Yongwon-Ri, 464-3 Seokgok-Ri and 27 other lots in Seongnam-Myun, Dongnam-Gu, Cheonan City from Kunwoo Co. Ltd. for KRW 10.5 billion on January 14, 2009. Kukyoung Glass Industries (KOSE: A006050) signed an assets acquisition agreement to acquire 258 Yongwon-Ri, 464-3 Seokgok-Ri and 27 other lots in Seongnam-Myun, Dongnam-Gu, Cheonan City from Kunwoo Co. Ltd. on October 16, 2009. Under the terms of transaction, KRW 2.3 billion has been paid as deposit on October 16, 2009, KRW 1.4 billion will be paid on October 31, 2009, upon completion of related documents for approval to be submitted to Cheonan City, KRW 2 billion will be paid after completing notice and approval notification from Cheonan City development and KRW 3.7 billion will be paid upon approval of development admission on December 31, 2009 and remaining KRW 1.1 billion will be paid upon completion of engineering works water supply, city gas etc various facility, development approval and admission completion on March 31, 2010. The transaction has been resolved by Board of Directors of Kukyoung Glass on January 14, 2009. The transaction is expected to close on March 31, 2010. As of March 31, 2010, closing of the transaction has been postponed to August 31, 2010. As of August 30, 2010, closing of the transaction has been postponed to December 31, 2010 and consideration has been increased to KRW 11.7 billion. As of December 29, 2010, closing of the transaction has been postponed to February 28, 2011. Kukyoung Glass Industries signed a revised assets acquisition agreement to acquire 258 Yongwon-Ri, 464-3 Seokgok-Ri and 27 other lots in Seongnam-Myun, Dongnam-Gu and Cheonan City from Kunwoo Co. Ltd. for KRW 11.7 billion on February 25, 2011. Under the revised terms of transaction, KRW 1.4 billion has been paid as deposit on January 16, 2009, to acquire 39-1 Yongwon-Ri San and 15 other lots and 3 Seokgok-Ri San in Seongnam-Myun, Dongnam-Gu, Cheonan from Kunwoo Co. Ltd., a second payment of KRW 2.2 billion has been made on October 20, 2009, upon completion of related documents for approval to be submitted to Cheonan City, a third payment of KRW 2.5 billion has been made on March 31, 2010, after completing notice and approval notification from Cheonan City development planning decision, a fourth payment of KRW 5.1 billion has been made on August 31, 2010, a fifth payment of KRW 20 million has been made on October 29, 2010, a sixth payment of KRW 99.4 million has been made on January 18, 2011 and remaining KRW 473.8 million will be paid on December 31, 2011, upon completion of engineering works water supply, city gas etc various facility, development approval and admission completion. Revised agreement has been resolved by Board of Directors of Kukyoung Glass Industries on February 25, 2011. The closing of the transaction has been postponed to December 31, 2011. Daejoo Accounting Corporation acted as valuer in the transaction. Kukyoung Glass Industries (KOSE: A006050) completed the acquisition of 258 Yongwon-Ri, 464-3 Seokgok-Ri and 27 other lots in Seongnam-Myun, Dongnam-Gu, Cheonan City from Kunwoo Co. Ltd. for KRW 12.1 billion on March 30, 2012. The consideration value was revised from KRW 11.73 billion to KRW 12.14 billion on March 30, 2012.