JUTEC Holdings Corporation (TSE:3157) agreed to acquire Sumino Sangyo Co., Ltd. from Hiroshi Sumino and six other individual shareholders on December 23, 2019. As a part of the transaction JUTEC Holdings agreed to acquire 0.02 million shares. As of the date of the transaction Hiroshi Sumino owns 46.8% stake in Sumino Sangyo. As of May 31, 2019, Sumino Sangyo reported net assets of ¥1.35 billion, total assets of ¥1.86 billion, sales of ¥2.96 billion, operating profit of ¥31 million, ordinary profit of ¥79 million and net income ¥61 million. The JUTEC Holdings board passed the resolution on December 23, 2019. The transaction is expected to be completed by January 6, 2020.