IGM holdings and 2 other individuals entered into a contract to acquire 21.5% stake in Neo MTEL CO., Ltd. (KOSE:A096040) from Sung-Gyoon Yoon, Yoon-Soo Kim and 2 other individuals on January 8, 2013. IGM Holdings will acquire 1.25 million shares of Neo MTEL CO., Ltd. representing 21% stake for KRW 12.5 billion. A deposit of KRW 2 billion will be paid to Sung-Gyoon Yoon and Yoon-Soo Kim on January 8, 2013 which is the contract signing date.

The balance consideration of KRW 10.5 billion will be escrowed to Woori Bank or to the top 5 local law firms selected by Sung-Gyoon Yoon and Yoon-Soo Kim through negotiation between the two parties three weeks before the general meeting of shareholders, and as the payment conditions are all met it will be withdrawn on the day before general meeting of shareholders. The transaction is expected to close on February 28, 2013.