Samji Electronics Co., Ltd. (KOSDAQ:A037460) agreed to acquire 50.64% stake in SAMT Co., Ltd. (KOSDAQ:A031330) for KRW 53.6 billion in cash on February 4, 2015. Sellers are creditors of SAMT including Citibank Korea, Woori Private Equity, Shinhan Bank, Standard Chartered Bank Korea Limited, Standard Chartered Bank (Hong Kong) Limited, Investment Arm, Hana Bank, Kookmin Bank, The Export-Import Bank of Korea. Under the terms of the deal, Samji Electronics will acquire 40 million shares of SAMT Co. and paying KRW 1340 per share. As part of the consideration, KRW 5.36 billion will be paid on February 04, 2015 and the balance of KRW 48.24 billion will be paid on March 27, 2015. KRW 53.6 billion will be used for the transaction.

Board of Directors of Samji Electronics Co., Ltd. made a resolution in favor of the transaction on February 4, 2015. The transaction is expected to complete on March 27, 2015. Standard Chartered Bank Korea Limited completed the sale of 6.36 million shares as at March 27, 2015. As of March 27, 2015, closing date was extended from March 27, 2015 to April 1, 2015. As of March 27, 2015, 38.4 million shares out of the 40 million shares were acquired and the acquisition date of the remaining 1.57 million shares will be moved since the pre-contract conditions have not been met yet. Woo Duck Accounting Corporation acted as an accountant for Samji Electronics Co., Ltd. Deloitte Anjin LLC acted as an accountant and Shinhan Investment Corp. acted as financial advisor for SAMT.