KM R&C Co., Ltd. (KOSDAQ:A066430) agreed to acquire Modern Tech from Jae-Wook Jung for KRW 4 billion in cash on December 19, 2014. Under the terms of the agreement, KM R&C Co., Ltd. will acquire approximately 0.04 million shares of Modern Tech. KM R&C Co., Ltd. paid KRW 500 million on December 19, 2014.

KM R&C Co., Ltd. paid KRW 800 million on December 26, 2014. Modern Tech had revenues, total assets, operating profit and net profit of KRW 16532.84 million, KRW 4625.38 million, KRW 1113.40 million and KRW 809.96 million respectively in the year ended 2013. Board of Directors of KM R&C Co., Ltd. made a resolution in favor of the transaction on December 19, 2014.

The transaction is expected to close on December 29, 2014.