Itcen Co., Ltd. (KOSDAQ:A124500) agreed to acquire 28.9% stake in KGE Holdings Co., Ltd. from Softcen Co., Ltd. (KOSDAQ:A032680) for KRW 14.3 billion on December 5, 2019. As per the terms, consideration will be payable in cash and Itcen Co., Ltd. will acquire 136.6 million shares. The transaction will be self-funded.

As of December 31, 2018, KGE Holdings reported total capital of KRW 36.1 million, total sales of KRW 133.6 million and net loss of KRW 577 million. Jeong Myung Accounting Corp. acted as external evaluation body in the transaction.