Hanil Cement Co., Ltd. (KOSE:A003300) and Asia Cement Co. Ltd. (KOSE:A183190) entered into letter of intent to acquire 74.05% stake in TONGYANG Cement & Energy Corporation (KOSDAQ:A038500) from Tong Yang International Inc. and Tongyang Inc. (KOSE:A001520) on June 29, 2015. TONGYANG Inc will sell 54.96% stake and Tong Yang International Inc. will sell 19.09% stake.

Tongyang Inc will receive approximately KRW 800 million as consideration. Hanil Cement Co., Ltd and Asia Cement Co. Ltd. were shortlisted as bidder.

Expected closing is on September 25. KPMG Samjong Accounting Corporation acted as sales supervisor.