FusionData Co.,Ltd (KOSDAQ:A195440) signed a contract to acquire 12.63% stake in Semicon Light Co., Ltd. (KOSDAQ:A214310) from SMC Holdings Co., Ltd., K Biz One Co., Ltd. and Hogeol Cho for KRW 19.7 billion on June 27, 2019. Under the terms, FusionData Co.,Ltd agreed to acquire 8.3 million shares for KRW 2386 per share under which SMC Holdings Co., Ltd., agreed to sell 3.6 million shares, K Biz One Co., Ltd. agreed to sell 3.4 million shares and Hogeol Cho agreed to sell 1.3 million shares. The consideration will be paid in such a way that SMC Holdings Co., Ltd. shall make a deposit of approximately KRW 850 million, second payment of KRW 2.5 billion and balance of KRW 5.2 billion.

K Biz One Co., Ltd. shall make a deposit of approximately KRW 810 million, second payment of KRW 2 billion and balance of KRW 5.3 billion. Hogeol Cho shall make a deposit of approximately KRW 300 million, second payment of approximately KRW 760 million and balance of KRW 2 billion. As of July 10, 2019, SMC Holdings Co., Ltd. shall make a deposit of approximately KRW 850 million out of which KRW 500 million from the total amount will be offset with theloan with SMC Holdings Co., Ltd., second payment of KRW 4 billion and balance of KRW 3.7 billion, K Biz One Co., Ltd. shall make second payment of KRW 3 billion and balance of KRW 4.3 billion and Hogeol Cho shall make second payment of KRW 0.7 billion and balance of KRW 2 billion.

The second payment shall be paid by SMC Holdings Co., Ltd. on July 10, 2019 and shall be paid by K Biz One Co., Ltd. and Hogeol Cho on July 15, 2019. As per update of July 10, 2019, second installment of KRW 700 million payable on July 15, 2019 and remaining KRW 10.2 billion on August 1, 2019. The transaction is expected to close on August 1, 2019.

One Ji Accounting Group Llc acted as external evaluator in the transaction.