Korea Engineering Consultants Corp. Employee Stock Ownership Association agreed to acquire 61.6% stake in Korea Engineering Consultants Corp. (KOSE:A023350) from Hanjin Heavy Industries & Construction Holdings Co., Ltd. (KOSE:A003480) for KRW 60 billion on August 16, 2017. Korea Engineering Consultants Corp. Employee Stock Ownership Association is selected as the preferred bidder. Korea Engineering Consultants Corp. Employee Stock Ownership Association will acquire 6.7 million shares of Korea Engineering Consultants Corp. Post transaction, Hanjin Heavy Industries & Construction Holdings will own 0.6 million shares representing 5.45% stake in Korea Engineering Consultants Corp.

As per the amendment received on December 12, 2017, Member of Korea Engineering Consultants Corp. Employee Stock Ownership Association agreed to acquire 52.01% stake in Korea Engineering Consultants Corp. from Hanjin Heavy Industries & Construction Holdings Co., Ltd. for KRW 50.7 billion on December 12, 2017. As per the amendment received on December 12, 2017, Hanjin Heavy Industries & Construction Holdings Co., Ltd. will own 1.65 million shares representing 15.04% stake. However, the selection of the preferred bidder will be finalized after 10 business days, when it is possible to determine whether it is possible to raise funds for the execution of the transaction by the Korea Engineering Consultants Corp. Employee Stock Ownership Association. The transaction is resolved by the Board of Hanjin Heavy Industries & Construction Holdings Co., Ltd on September 29, 2017. The transaction is expected to close on December 27, 2017. As per the amendment received on December 12, 2017, the transaction is now expected to complete on December 15, 2017. NH Investment & Securities Co., Ltd. (KOSE:A005940) acted as the M&A advisor for Hanjin Heavy Industries & Construction Holdings Co., Ltd. Ernst & Young, Korea acted as accountant advisor for Hanjin Heavy Industries & Construction Holdings Co., Ltd.