CJ Freshway Corporation (KOSDAQ:A051500) agreed to acquire 90% stake in Agricultural Corporation Jfarms Ltd. for KRW 21.5 billion on March 21, 2019. Under the transaction, CJ Freshway Corporation will acquire 0.108 million shares of Agricultural Corporation Jfarms Ltd. in cash. CJ Freshway Corporation will acquire 70% stake comprising 0.084 million shares of Agricultural Corporation Jfarms Ltd. for KRW 16.72 billion in 2019 and 20% stake comprising 0.024 million shares for KRW 4.78 billion in 2021. Of the consideration payable in 2019, KRW 2.25 billion or 13.4% will be paid within 5 business days from the contract signing date and the balance KRW 14.47 billion or 86.6% on May 31, 2019. CJ Freshway Corporation has the option to acquire the remaining shares after the acquisition of 90% stake through a written notification. The transaction is expected to be completed on May 31, 2021. CJ Freshway Corporation (KOSDAQ:A051500) cancelled the acquisition of 90% stake in Agricultural Corporation Jfarms Ltd. on March 21, 2020.