(Yicai Global) Sept. 27 -- Alpha Group Co. [SHE:002292] will increase its stake in South Korean animation developer FunnyFlux Entertainment Co. via a transfer of shares held by original shareholders and the subscription of new shares by its wholly-owned Hong Kong subsidiary.

 The firm will ultimately hold 60.02 percent of FunnyFlux shares.

 Alpha Group's Hong Kong affiliate has signed an investment cooperation agreement with the target company and its executives, Jung Gil-Hoon and Lee Yong-Ho, Funnyflux said yesterday.

 After the deal concludes, the proportion of FunnyFlux shares Alpha Group holds through its Hong Kong subsidiary will rise from the original 44 percent to 60 percent, and FunnyFlux will become the company's held subsidiary, per the announcement. The percentage held by Jung Gil-Hoon, FunnyFlux's largest shareholder, will drop from 51.57 percent to 36.32 percent.

 FunnyFlux will appoint Jung Gil-Hoon as its chairman and chief executive charged with developing the firm's future strategy, direction and business objectives. Alpha Group will also enjoy exclusive cooperative rights for FunnyFlux's current and future intellectual property development and creations, the former said. Aside from its in-depth cooperation with FunnyFlux in future animated works, Alpha Group will also collaborate with it to expand its IP brand popularity and international influence and help Funnyflux develop more popular animations.