Gallantlion Resources Pte. Ltd. agreed to acquire Asia Investment Fund Co., Ltd from Asia Development Capital Co. Ltd. (TSE:9318) for approximately ¥200 million on August 15, 2022.

Contract conclusion date shall be August 19, 2022 (planned). As per the transaction, Asia Development Capital shall transfer all shares of Asia Investment Fund and the loan receivables held by Asia Development Capital and its consolidated subsidiaries to Asia Investment Fund and its subsidiaries, for the transfer price of ¥202 million. For the Fiscal year ending December 2021, Asia Investment Fund reported net worth of ¥1,248 million, Total assets of ¥8,610 million, Sales of ¥634 million, Operating income of ¥544 million and Net loss of ¥408 million.

Board resolution date was August 15, 2022. Execution date of share transfer and receivables transfer shall be August 22, 2022 (planned).