Barth Co., Ltd., PDK Limited and IEODOM LLC signed a contract to acquire 44.74% stake in TO-WIN Global Co., Ltd. (KOSDAQ:A066410) from To-Win Culture Investment Co., Ltd. and To-Win Capital Group Co., Ltd. for KRW 35.3 billion on May 23, 2018. Barth Co., Ltd., IEODOM LLC, Brandon Partners, Myungwoo Co., Ltd and Daejeon Bricks Co., Ltd signed a revised contract to acquire 44.74% stake in TO-WIN Global Co., Ltd. (KOSDAQ:A066410) from To-Win Culture Investment Co., Ltd. and To-Win Capital Group Co., Ltd. for KRW 35.3 billion on May 30, 2018. The buyers will acquire 27.6 million shares of TO-WIN Global Co., Ltd. at KRW 1280 per share. Under the terms of the original agreement, Barth Co., Ltd., PDK Limited and IEODOM LLC will acquire 24.3%, 8.1% and 12.3% stake respectively. Under the terms of the revised agreement, Barth Co., Ltd., IEODOM LLC, Brandon Partners, Myungwoo Co., Ltd, PDK Limited and Daejeon Bricks Co., Ltd will acquire 22.3%, 12.3%, 5.1%, 2.5%, 8.1% stake and 2.5% stake in TO-WIN Global Co., Ltd. respectively. As per the new terms of agreement July 2, 2018, Barth Co, Brandon Partners, Myungwoo Co, Daejeon Bricks, Everis Fund 3, Cool Invest Co, Vidente Co., Younghwan Cho, Wonbum Lee, Daehyub Jung, Jongyul Pak and Seokwoo Lee will acquires 6.3%, 5.1%, 4.9%, 4.8%, 1.9%, 1.9%, 7.6%, 1.3%, 1.5%, 1.8%, 1.8% and 1.7% respectively. Post transaction, Barth Co., Ltd. will be the largest shareholder of TO-WIN Global owning 22.2% stake. On June 7, 2018, an amendment was made. As per the new terms, IEODOM LLC will not acquire any stake in TO-WIN Global Co., Ltd. and Wooseok Planning Co., Ltd. joined in as buyer. Barth Co., Ltd., Brandon Partners, Myungwoo Co., Ltd, Daejeon Bricks Co., Ltd. and Wooseok Planning Co., Ltd. will acquire 25.7%, 5.1%, 4.9%, 4.8% and 4.2% stake respectively. To-Win Culture Investment Co., Ltd. and To-Win Capital Group Co., Ltd. will sell 34.7% and 10% stake. The consideration will be paid in four installments. First installment will be of KRW 5 billion will be paid on May 23, 2018; second installment of KRW 8 billion will be paid on May 30, 2018; third installment of KRW 7 billion will be paid on June 7, 2018 and fourth installment of KRW 15.3 billion will be paid on the day before the extraordinary meeting of shareholders. As per the new agreement dated July 2, 2018, fourth installment changed to KRW 5.2 billion, 5th installment is 5 billion shall be paid day before the buyers extraordinary shareholders' meeting and 6th installment of KRW 5.15 billion shall be paid on July 20, 2018.

As of May 23, 2018, To-Win Culture Investment transferred 3.9 million shares of TO-WIN Global to Barth Co., Ltd. As of May 23, 2018, another 9.85 million shares of TO-WIN Global were transferred to Barth Co., Ltd. Therefore Barth Co., Ltd. acquired 22.9% stake in TO-WIN Global as of May 23, 2018. As of May 30, 2018, Brandon Partners acquired 3.1 million shares representing 5.1% stake of TO-WIN Global Co., Ltd., To-Win Culture Investment Co., Ltd. sold 0.05 million shares and To-Win Capital Group Co., Ltd. completed the sale of 6.2 million shares after the second payment was received. As on June 7, 2018, To-Win Culture Investment Co., Ltd. sold 5.5 million shares to Daejeon Bricks Co., Ltd., Myungwoo Co., Ltd. and Wooseok Planning Co.,Ltd. Jongyul Park of Barth Co., Ltd is appointed as Operations Manager of TO-WIN Global Co., Ltd as of June 7, 2018. The transaction is expected to complete on July 6, 2018. As of July 20, 2018, To-Win Culture Investment Co., Ltd. transferred 6.46% stake and holds no stake and Vidente Co., Ltd. acquired 6.02% stake and now holds 7.6% stake. As of July 29, 2018, To-Win Culture Investment Co., Ltd. sold 1.2 million shares to Cool Invest Co., Ltd, 0.94 million shares to Wonbum Lee, 0.78 million shares to Younghwan Cho, 1.2 million shares to Everis Fund 3, 4.7 million shares to Vidente Co., Ltd., 1.1 million shares to Daehyub Jung and Jongyul Pak respectively and 1.03 million shares to Seokwoo Lee.