Gokurakuyu Holdings Co., Ltd. concluded a share transfer agreement to acquire Eonex Co., Ltd. and Tosuisha Co., Ltd. from Asnal Corporation Co., Ltd.
March 09, 2020
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Gokurakuyu Holdings Co., Ltd. (JASDAQ:2340) concluded a share transfer agreement to acquire Eonex Co., Ltd. and Tosuisha Co., Ltd. from Asnal Corporation Co., Ltd. on March 10, 2020. As per terms, 0.07 million shares in Eonex Co., Ltd. and 0.02 million shares will be acquired in Tosuisha Co., Ltd. Yunex Co., Ltd, a subsidiary of Eonex Co., Ltd. will also be acquired. Post completion, Eonex Co., Ltd. and Tosuisha Co., Ltd. will operate as wholly owned subsidiaries of Gokurakuyu Holdings Co., Ltd. For the year ended March 31, 2019, Eonex Co., Ltd. reported sales of ¥2.3 billion, total assets of ¥1.7 billion, operating income of ¥133.6 million, net income of ¥97.7 million and net assets of ¥503.4 million. For the year ended March 31, 2019, Tosuisha Co., Ltd. reported sales of ¥405.5 million, total assets of ¥337 million, operating loss of ¥18.03 million, net loss of ¥30.5 million and net assets of ¥151.1 million. The Board of Directors of Gokurakuyu Holdings Co., Ltd. resolved the transaction on March 10, 2020. The deal is expected to close on April 1, 2020.
GOKURAKUYU HOLDINGS CO., LTD. is a Japan-based company mainly engaged in the hot bath business. The Company operates through two regional segments. The Company is mainly engaged in the operation of large-scale hot bath facilities (super public baths) in Japan and overseas under the names GOKURAKUYU and RAKU SPA. The directly operated stores receive entrance fee income, food and beverage income, hairdressing income and merchandise sales income. The franchise stores receive merchandise sales income and royalty income related to super public bath management based on membership contracts. The Company is also engaged in the operation of soba and tempurameshi stores Kojimachi Baraku in Japan, as well as the operation of hotels in overseas.
GOKURAKUYU HOLDINGS CO., LTD. 
