Global Tax Free Co., Ltd. (KOSDAQ:A204620) signed a contract to acquire of domestic tax refund business of KTIS Corporation (KOSE:A058860) for KRW 6 billion on October 22, 2018. Under the terms of transaction, a deposit of KRW 1 billion will be paid on October 22, 2018; a second payment of KRW 3 billion will be made on January 31, 2019; and KRW 2.03 billion will be made on March 31, 2019. As of March 28, 2019, the consideration is revised to KRW 3 billion and will be paid in installments, of which KRW 1 billion is already paid on October 22, 2018, KRW 1.5 billion paid on February 8, 2019 and KRW 525 million will be paid on March 29, 2019.

As of December 27, 2019, the consideration is revised to KRW 3.1 billion. As on December 31, 2017, domestic tax refund business of KTIS Corporation had total assets of KRW 1.6 billion and for the year ended December 31, 2017, the sales are KRW 9.1 billion. The transaction is resolved by the Board of KTIS Corporation and Global Tax Free Co., Ltd. On December 7, 2018, the transaction was approved by the shareholders of Global Tax Free Co., Ltd. The transaction is expected to close on January 1, 2019.

As of march 28, 2019, the completion date is extended to complete on December 31, 2019. Seyeon Accounting Corporation acted as external ratings intuition in the transaction.