WIZIT Co., Ltd. (KOSDAQ:A036090) agreed to acquire 39.4% stake in Powernet Technologies Corporation from Chungkang Co.,Ltd. for KRW 17 billion on February 1, 2017. Under the terms of the transaction, payment should be made on completion. Chungkang Co.,Ltd. will sell 3.98 million shares.

The transaction is expected to be completed by February 10, 2017.