An Iranian company, Entekhab, has signed a contract sealing its acquisition of South Korea’s Daewoo Electronics for USD 518 million, Mediafax informs. Entekhab produces home appliances like refrigerators, washing machines and televisions under the brand names of Snowa and Haier. The transaction comes about two months after Seoul’s government imposed unilateral sanctions against the Islamic republic over its sensitive nuclear drive. Iran says its nuclear programme is aimed at the peaceful generation of electricity. But the United Nations, the European Union, the United States, and several other countries such as South Korea have gone ahead and imposed sanctions against Iran.