Imagine Asia Co., Ltd. (KOSDAQ:A036260) agreed to acquire additional 17.86% stake in Sewon Co., Ltd. from Chungho ComNet Co., Ltd. (KOSE:A012600) for KRW 6.3 billion on November 10, 2016. Under the terms Chungho ComNet Co., Ltd. will sell 0.05 million shares. Post transaction, Chungho ComNet Co., Ltd. will hold 72.1% stake in Sewon Co., Ltd. During the financial year ended December 2015, Sewon Co., Ltd. reported revenues of KRW 29.3 billion, total assets of KRW14.3 billion, net income of KRW 3.23 billion and net assets of KRW 7.1 billion.

As of November 10, 2016, the Board of Chungho ComNet Co., Ltd. resolved the transaction. The deal is expected to close on November 10, 2016.