Nihonwasou Holdings, Inc. (TSE:2499) concluded a share exchange agreement to acquire remaining 29.03% in Hakata Takumi Kougei Inc. from Kyosho Corporation, Tonami Orimono K.K., Kimura Jitsugyo K.K. and others for ¥85.8 million on July 24, 2019. The consideration comprises issuance of 0.26 million new shares of Nihonwasou Holdings, Inc., at an exchange ratio of 1:1.6. Post completion, Hakata Takumi Kougei Inc. wil operate as a wholly owned subsidiary. For the year ended December 31, 2018, Hakata Takumi Kougei Inc. reported revenues of ¥1.3 billion, total assets of ¥274 million, operating loss of ¥13 million and net assets of ¥35 million. The deal is subject to approval from shareholders of Hakata Takumi Kougei Inc., in meeting due on August 29, 2019. The Board of Directors of Nihonwasou Holdings, Inc. approved the resolution of the deal on July 24, 2019. The agreement is expected to be effective from October 1, 2019. Plutus Consulting Co., Ltd. acted as third-party appraiser.

Nihonwasou Holdings, Inc. (TSE:2499) cancelled the acquisition of remaining 29.03% in Hakata Takumi Kougei Inc. from Kyosho Corporation, Tonami Orimono K.K., Kimura Jitsugyo K.K. and others on July 24, 2020.