Contec.,Co.Ltd (KOSDAQ:A451760) agreed to acquire 24.72% stake in Asia Pacific Satellite Inc. (KOSDAQ:A211270) from Ryu Jang Soo and Homes Co., Ltd. for KRW 63.4 billion on June 11, 2024. A cash consideration valued at KRW 17,000 per share will be paid by Contec and Ryu Jang Soo for 3,729,400 shares. The transaction will be financed by issuance of retained funds and convertible bonds.

The transaction is subject to approval of offer by target shareholders. The expected completion of the transaction is July 26, 2024.