KESS Korea Co., Ltd. entered into a contract to acquire an unknown stake in Anam Information Technology Co., Ltd. from a group of sellers for KRW 15 billion.

KESS Korea Co., Ltd. entered into a contract to acquire 38.12% stake in Anam Information Technology Co., Ltd. (KOSDAQ:A050320) from a group of sellers for KRW 15 billion on October 30, 2015. Under the terms of the transaction, KESS Korea Co., Ltd would acquire 2.83 million shares. According to the agreement, as soon as the contract is signed, KESS Korea Co., Ltd will pay 20% of the transaction amount, i.e KRW 3 billion.

KESS Korea Co., Ltd will pay the remaining balance KRW 12 billion 5 business days before the selection of the registered director and auditor at the extraordinary meeting of shareholders of KESS Korea Co., Ltd. The transaction is expected to close on December 24, 2015.