Great Rich Technologies Limited (KOSDAQ:A900290) agreed to acquire 11.39% stake in Zhejiang Hongyu New Materials Co., Ltd for KRW 87.7 billion on May 14, 2024. The consideration consists of KRW 87660 million in cash. As part of the consideration, KRW 87660 million was paid towards common equity.

The deal is expected to be completed on May 14, 2024.