An unknown buyer agree to acquire 96.6% stake in The Ocean City Three Co., Ltd from PaperCorea Inc. (KOSE:A001020) for KRW 8.6 billion on July 22, 2020. Under the terms of transaction, PaperCorea Inc. will sell 1.73 million shares of the Ocean City Three Co. For year ended December 31, 2019, Ocean city three had total assets of KRW 117.5 billion, net capital of KRW 4.3 billion and net loss of KRW 227.3 million. Board passed the resolution on July 22, 2020 and transaction is expected to close on August 25, 2020.