Lime Garments Korea Co., Ltd signed a memorandum of understanding to acquire 15.26% stake in Agabang & Company (KOSDAQ:A013990) from Kim Wook for KRW 32 billion on September 2, 2014. Under the terms of the agreement, Lime Garments Korea Co., Ltd acquired 4.3 million shares at a consideration of KRW 7,500 per share. Agabang & Company reported an operating profit of KRW 3.9 billion and a net profit of KRW 2.5 billion in 2013.

The purchase consideration will be paid on or before December 4, 2014. Lime Garments Korea Co., Ltd signed a final contract to acquire 15.26% stake in Agabang & Company (KOSDAQ:A013990) from Kim Wook for KRW 32 billion on October 30, 2014.