Lumimicro Co., Ltd (KOSDAQ:A082800), Feelux Co., Ltd (KOSE:A033180) and 5 other buyers signed a contract to acquire a 37.8% stake in Kumho HT, Inc. (KOSE:A214330) from Kumho Electric, Inc. (KOSE:A001210) for KRW 39.9 billion on October 30, 2018. As per the terms, Kumho Electric will sell 3.7 million shares for cash, out of which Lumimicro Co., Ltd and Feelux Co., Ltd will acquire 0.2 million shares each. As per revised terms on November 16, 2018, Lumimicro and Feelux will acquire 1.2 million shares each for KRW 15 billion each. Feelux has paid KRW 3 billion each as deposit on October 30, 2018 and the remaining consideration of KRW 12 billion each will be paid on December 10, 2018. Lumimicro has paid KRW 3 billion each as deposit on October 30, 2018 and second payment of KRW 12 billion (remaining consideration) will paid on November 16, 2018. Post completion of share transfer, Lumimicro and Feelux will each hold 1.2 million shares (12.28%) in Kumho HT and Kumho Electric will exit from Kumho HT, Inc.

The Board of directors of Feelux Co., Ltd and Kumho HT, Inc. passed a resolution on the deal on October 30, 2018 and November 16, 2018. The transaction is expected to be completed on December 10, 2018. Jung Hyeon Accounting Corporation acted as External Rating Institution in a transaction.

Lumimicro Co., Ltd (KOSDAQ:A082800), Feelux Co., Ltd (KOSE:A033180) and other buyers completed the acquisition of a 37.8% stake in Kumho HT, Inc. (KOSE:A214330) from Kumho Electric, Inc. (KOSE:A001210) on December 10, 2018.