Vessel Co., Ltd. (KOSDAQ:A177350) agreed to acquire additional 17.24% stake in SKCS Co., Ltd. (XKON:A224020) for KRW 1.1 billion on August 28, 2018. Consideration will be paid in cash. A total of 0.53 million shares will be acquired as part of the deal.

Upon completion of the acquisition, Vessel Co., Ltd will own 34.8% stake in SKCS holding 1.07 million shares. SKCS reported net assets of KRW 3.5 billion, total assets of KRW 19.86 billion, sales of KRW 18.53 billion and net loss of KRW 5.2 billion as of December 31, 2017. Board of Vessel Co., Ltd. resolved in favor of the deal on the same date.

Deal is expected to close by August 30, 2018.