[Response to Disclosure Inquiry] Asia Economy "No Current Plan to Sell Major Shareholder KMH Stake"

[Asia Economy Reporter Han Jinju] Asia Economy announced on the 20th in response to an inquiry disclosure regarding reports of the largest shareholder's stake and management rights sale that there are currently no plans to sell the shares held by the largest shareholder, but the largest shareholder may change if the second largest shareholder exercises the BW.

The company stated, "According to confirmation with the largest shareholder KMH, KMH currently has no plans to sell its 27.3% stake in the company, so there will be no change in the largest shareholder. Today, through KMH's disclosure of its stake in the company, it was confirmed that KMH's special related party sold the company's 3rd BW with a face value of 7 billion KRW to Keystone."

Previously, KMH, the largest shareholder of Asia Economy, and Keystone PEF, the second largest shareholder, agreed to establish a management system suitable for investment business. On the 19th, Keystone PEF acquired 18% of Asia Economy's shares and the 3rd BW with a face value of 3.1 billion KRW from KMH.

The company explained, "Regarding the BW sale, aside from the issuance conditions between the largest shareholder and Keystone PEF, there are no separate agreements restricting the exercise of new share subscription rights or limiting the company's voting rights including exercised shares," and added, "If Keystone PEF exercises the BW new share subscription rights, the largest shareholder exercising management rights of the company may change to Keystone PEF."

The company further explained, "In relation to this, the company may resolve to convene a shareholders' meeting for the appointment of new executives or there may be a separate contract between the largest shareholder and Keystone PEF regarding the company's management, and in such cases, the company will immediately disclose this to inform investors."