Conbuzz Co., Ltd (KOSE:A109070), Star Bucket Co., Ltd., SE Fund, Osoon Choi, Woonseok Kim agreed to acquire 28.36% stake in Imagine Asia Co., Ltd. (KOSDAQ:A036260) from Chungho ComNet Co., Ltd. (KOSE:A012600) for KRW 28.3 billion on August 28, 2018. A total of 10.12 million shares will be acquired as part of the deal. Consideration will be paid in cash. KRW 4 billion will be paid on contract signing date and the balance within 15 business days from the contract signing date i.e. September 18, 2018, until the day before Imagine Asia Co., Ltd.'s extraordinary shareholders' meeting submission deadline amounting to KRW 24.3 billion. Chungho ComNet Co., Ltd. will sell 2.3 million shares to Conbuzz Co., Ltd, 1.54 million shares to Star Bucket, 2.28 million shares to SE Fund, 2 million shares to Osoon Choi and 2 million shares to Woonseok Kim.

As of August 30, 2018, the terms of the payment were amended. Out of total consideration, KRW 4 billion was paid as deposit on contract signing date, KRW 1.6 billion will be paid on August 31, 2018, upon which 2 million shares will be transferred, and balance to be paid within 15 business days which expected to be on September 18, 2018, upon which 8.12 million shares will be transferred. As of October 4, 2018, terms of payment were amended. Consideration will comprise of a deposit of KRW 4 billion to be paid on the contract signing date, second payment of KRW 1.6 billion on August 31, 2018, 3rd payment of KRW 5 billion by September 18, 2018 after which 1.79 million shares will be transferred to Osoon Choi and Woonseok Kim, 4th payment of KRW 5.84 billion after which 2.086 million shares will be transferred to Everis Fund 3 and balance payment of KRW 11.889 billion after which 4.25 million shares will be transferred to the buyers. The third payment was made on September 13, 2018 by Osoon Choi and 1 million shares were acquired for KRW 2.8 billion and Everis Fund 3 will buy 1 million shares for KRW 2.8 billion. Woonseok Kim will buy 0.08 million shares for KRW 2.2 billion on the third payment date and 1.086 million shares for KRW 3.04 billion at the 4th payment date i.e. October 4, 2018. Balance payment by Woonseok Kim for his portion of stake of KRW 359 million for 0.013 million shares will be paid in the last payment. Under the amendment terms, fourth payment KRW 5.8 billion will be paid until Imagene Co., Ltd. Asia extraordinary shareholders' meeting matter submission dead line on October 4, 2018 and the remaining balance of KRW 11.9 billion until a day before the Imagine Asia Co., Ltd.'s extraordinary shareholders' meeting date on October 18, 2018.

As on August 28, 2018, Conbuzz Co., Ltd completed the acquisition of 6.4% stake in Imagine Asia Co., Ltd. On September 13, 2018, Osoon Choi paid KRW 2.8 billion and Woonseok Kim paid KRW 2.2 billion pursuant to which 1 million shares will be transferred to Osoon Choi and 0.79 million shares will be transferred to Woonseok Kim. The remaining 6.3 million shares will be transferred when the payment is made until the general meeting of shareholders case submission dead line being September 21, 2018. As per the correction report dated September 20, 2018, the balance of 6.3 million shares will be transferred when the payment is made until the general meeting of shareholders case submission dead line i.e. October 4, 2018. Conbuzz Co., Ltd (KOSE:A109070), Star Bucket Co., Ltd., SE Fund, Osoon Choi, Woonseok Kim and Everis Fund 3 agreed to acquire 28.36% stake in Imagine Asia Co., Ltd. (KOSDAQ:A036260) from Chungho ComNet Co., Ltd as per amendment report on October 4, 2018. As of October 4, 2018, the deadline was extended till October 18, 2018.

Board of Chungho ComNet resolved in favor of the deal on August 28, 2018. The transaction is expected to be completed on September 21, 2018. As on September 20, 2018, the transaction is expected to be completed by October 4, 2018. As on October 4, 2018, the transaction is expected to be completed by October 18, 2018. E-Chon Accounting Corporation acted as external rating institution.