KTCS Corporation (KOSE:A058850) agreed to acquire 81% stake in KT Commerce Inc. from KTHitel Co., Ltd. (KOSDAQ:A036030) for KRW 17.1 billion on October 30, 2014. KTCS Corporation will acquire approximately 1.1 million shares to hold 81% stake in KT Commerce Inc. KTCS Corporation will issue 4.8 million shares and KRW 4.12 billion in cash. In the year ended December 31, 2013, KT Commerce reported revenues of KRW 451.3 billion, net profit of 1.2 billion, total assets of KRW 88.6 billion and total common equity of KRW 17.9 billion. Transaction is expected to be completed by November 4, 2014. Board of Directors of KTHitel Co., Ltd. made a decision regarding transaction on October 30, 2014. Ernst & Young, Korea acted as accountant to KTCS Corporation.

KTCS Corporation (KOSE:A058850) completed the acquisition of 81% stake in KT Commerce Inc. from KTHitel Co., Ltd. (KOSDAQ:A036030) on November 4, 2014.