GS Energy Corporation agreed to acquire an additional 50% stake in Incheon Total Energy Company from Korea District Heating Corp. (KOSE:A071320) for KRW 74 billion in cash on November 21, 2014. GS Energy Corporation was elected as the preferred bidder. Under the terms of the transaction, GS Energy Corporation will acquire 3.8 million shares of Incheon Total Energy and pay KRW 19559 per share. Incheon Total Energy Company reported total assets of KRW 371 billion, total stockholders' equity of KRW 13.9 billion, revenues of KRW 217 billion and net profit of KRW 328 million for the period ending December 31, 2013. A contract is expected to be signed within December 2014. The scheduled date for the transaction is within 90 days from the contract signing date.

GS Energy Corporation completed the acquisition of an additional 50% stake in Incheon Total Energy Company from Korea District Heating Corp. (KOSE:A071320) on March 13, 2015.