Ritz Equity Partners Co., Ltd. signed a contract to acquire a 2.5% stake in Sungjee Construction Co., Ltd. (KOSE:A005980) from Gemini Investment Corporation (KOSDAQ:A019570) for KRW 4.3 billion on February 23, 2017. Ritz Equity Partners will acquire 2.4 million shares of Sungjee Construction for cash. Ritz Equity Partners will deposit 10% of the consideration upon signing the contract on February 23, 2017 as the contract deposit. The second payment should be made 2 weeks from the signing date for 30% of the consideration and the balance after 4 weeks from the contract signing date for 60% of the consideration. Gemini Investment Corporation has to hand over the 30% of the shares being sold upon second payment is made and 70% of the shares upon balance payment has been made. As per an announcement on March 9, 2017, Ritz Equity Partners Co. will make second payment until March 16, 2017 for 30% of the consideration and on March 30, 2017 for 60% of the consideration. After the transaction, Gemini Investment Corporation will hold no stake in Sungjee Construction Co. The Board of Directors of Gemini Investment Corporation passed a resolution regarding the transaction on February 23, 2017. As per the notice received on March 22, 2017, the third payment of KRW 1 billion will be paid until March 22, and the remaining balance apart from the deposit and the 2nd payment will be paid until March 30, 2017. The seller will transfer 2.15 million stocks out of the total transaction number of shares to the account designated by the buyer, and it will transfer the 0.28 million remaining shares on March 23, 2017. Upon the last balance payment completion date by the buyer, the pledge will be lifted, and will mark the transaction closing date. The transaction is expected to complete on March 23, 2017. As of March 9, 2017, the expected closing date was changed to March 30, 2017. Anse Accounting Corporation acted as external rating institution in the transaction. Ritz Equity Partners Co., Ltd. completed the acquisition of a 2.5% stake in Sungjee Construction Co., Ltd. (KOSE:A005980) from Gemini Investment Corporation (KOSDAQ:A019570) on March 28, 2017.