Ecoenergy Holdings Co., Ltd. (KOSDAQ:A038870) agreed to acquire 16.1% stake in Green Energy Development Co., Ltd for approximately KRW 680 million in cash on November 2, 2015. Ecoenergy Holdings will acquire 0.05 million shares of Green Energy Development Co., Ltd. Green Energy Development Co., Ltd reported total assets of KRW 5.54 billion, total liabilities of KRW 3.24 billion, total capital of KRW 2.31 billion, revenues of KRW 28.03 billion and net profit of KRW 595 million in 2014. The Board of Directors of Ecoenergy Holdings passed a resolution for the transaction on November 2, 2015.

The transaction is expected to complete on November 10, 2015.