Wellbiotec Co., Ltd. (KOSE:A010600) agreed to acquire Kumyoungeng Co., Ltd from Seungho Choi for KRW 35 billion on August 25, 2020. Wellbiotec Co., Ltd. will acquire 0.05 million shares of Kumyoungeng Co., Ltd. Wellbiotec Co., Ltd. shall pay KRW 2.5 billion as down payment on the contract date, KRW 17.5 billion on October 7, 2020 and balance of KRW 15 billion on November 6, 2020. As on October 7, 2020, amendment was made, and it was decided that KRW 17.5 billion will be paid on December 15, 2020 and balance of KRW 15 billion on January 14, 2020. As per correction on December 15, 2020, amendment was made and KRW 11 billion was paid on December 15, 2020 and balance of KRW 21.5 billion on January 28, 2021. As per correction on January 28, 2021, balance of KRW 21.5 billion will be paid on February 24, 2021. As per amendment on February 24, 2021, the balance of KRW 21.5 billion will be paid on February 26, 2021.

For the period ending December 2019, Kumyoungeng Co., Ltd reported total assets of KRW 27.8 billion, total equity of KRW 15.9 billion, sales of KRW 50.3 billion and net income of KRW 3.7 billion. The transaction is resolved by the Board of Wellbiotec Co., Ltd. The transaction is expected to complete on November 6, 2020. As of October 7, 2020, the transaction is expected to close on January 14, 2021. As of December 15, 2020, the transaction is expected to close on January 28, 2021. As of January 28, 2021, the transaction is expected to close on February 24, 2021. As of February 24, 2021, the scheduled transfer date is February 26, 2021. As of January 5, 2022, the transaction is expected to close on February 18, 2022. BDO Daejoo LLC acted as accountant to Wellbiotec Co., Ltd.