C&KY Holdings Co., Ltd agreed to acquire 14.3% stake in HDPRO Co., Ltd. (KOSDAQ:A214870) from KODI CO., LTD (KOSDAQ:A080530) for KRW 10.2 billion on May 18, 2017. Under the terms, KODI CO., LTD will sell 0.86 million shares and post completion, will hold nil stake in HDPRO Co., Ltd. Out of the consideration, KRW 1.5 billion a loan amount payable to C&KY Holdings Co., Ltd which is being off-set and the balance is payable on June 15, 2017. As per the amendment received on June 15, 2017, second payment of KRW 1.5 billion will be made on June 19, 2017 and the balance will be paid on June 28, 2017.

As soon as KODI CO., LTD confirms that the payment is completed, it will transfer the target stocks to the security account C&KY Holdings Co., Ltd. appointed. In case of completion of the payment of the remaining balance, the transaction can be closed before the scheduled payment date. The transaction was resolved by the Board of Directors of KODI CO., LTD on May 18, 2017 and is expected to complete on June 15, 2017.

As per the amendment received on June 15, 2017, the transaction is now expected to complete on June 28, 2017. As of June 28, 2017, the transaction closing is further postponed to July 17, 2017 and the balance payment will now be made on July 17, 2017. Taeyul Accounting Corporation acted as an external rating institution in the transaction.