BNC Partners Co., Ltd. signed a contract to acquire 8.7% stake in ChoongAng Ocean Co., Ltd. (KOSDAQ:A054180) from Marie Investment Fund, Jiwon Kim, Byung-Cheol Jeon and Sangki Shin for KRW 10 billion on June 22, 2018. Under the terms of transaction, BNC Partners Co., Ltd. will acquire 0.3 million shares for KRW 1.5 billion from Marie Investment Fund, 1 million shares for KRW 5 billion from Jiwon Kim, 0.3 million shares for KRW 1.5 billion from Byung-Cheol Jeon and 0.4 million shares for KRW 2 billion from Sangki Shin. KRW 1 billion will be paid on June 22, 2018, second payment of KRW 3 billion will be paid within 15 days before the extraordinary meeting of shareholders, and the 40% of the stocks will be delivered to BNC Partners Co., Ltd. and within the 5 business days the extraordinary meeting of shareholders, KRW 6 billion will be escrowed as negotiated, and Marie Investment Fund, Jiwon Kim, Byung-Cheol Jeon and Sangki Shin will exchange the respective stocks after escrowing the resignation of the ChoongAng Ocean Co., Ltd.'s Director and auditor, and both escrow will be cancelled at the same with the closing of the extraordinary meeting of shareholders. As per the amendment report on July 30, 2018, the second payment of KRW 3 billion will now be paid by until August 6, 2018 and within 1 day before the extraordinary meeting of shareholders, KRW 6 billion will be escrowed as negotiated and Marie Investment Fund, Jiwon Kim, Byung-Cheol Jeon and Sangki Shi will transfer 60% of the respective stocks after confirming the payment deposit. At the same time, the resignation of ChoongAng Ocean Co., Ltd’s director and auditor will be given to BNC Partners Co., Ltd. upon closing of the extraordinary meeting of shareholders. As per the revision date August 6, 2018, before 1 business day prior to the extraordinary meeting of shareholders KRW 3 billion as a second payment shall be made and the remaining balance KRW 6 billion will be escrowed to Marie Investment Fund designated bank account, and Marie Investment Fund will transfer 100% of the respective stocks after confirming the payment deposit. At the same time, the resignation of ChoongAng Ocean Co., Ltd. director and auditor, and both will be given to BNC Partners Co., Ltd. upon closing of the extraordinary meeting of shareholders. As on August 10, 2018, the buyers were amended to Euisub Jeon, Hyunsoo Kim and Uichang Co., Ltd. Second payment of 30% of the total amount amounting to KRW 3 billion will be paid to Marie Investment Fund, Jiwon Kim, Byung-Cheol Jeon and Sangki Shin until August 10, 2018 and 40% of the stocks will be delivered to Euisub Jeon, Hyunsoo Kim and Uichang Co., Ltd. (for the payment including the deposit). Within 1 business day before the extraordinary meeting of shareholders, KRW 6 billion will be escrowed as negotiated, and Marie Investment Fund, Jiwon Kim, Byung-Cheol Jeon and Sangki Shin will transfer 60% of the respective stocks after confirming the payment deposit. At the same time, the resignation of ChoongAng Ocean Co., Ltd.’s Director and auditor, and both will be given to Euisub Jeon, Hyunsoo Kim and Uichang Co., Ltd. upon closing of the extraordinary meeting of shareholders. The transaction is expected to close on August 13, 2018 after the closing of the extraordinary meeting of shareholders. Euisub Jeon, Hyunsoo Kim and Uichang Co., Ltd cancelled the acquisition of 8.7% stake in ChoongAng Ocean Co., Ltd. (KOSDAQ:A054180) from Marie Investment Fund, Jiwon Kim, Byung-Cheol Jeon and Sangki Shin on September 10, 2018.