Kinoshita Inc entered into an agreement to acquire 95% stake in I Ceremony Co., Ltd from IKK Inc. (TSE:2198) for approximately ¥380 million on September 13, 2019. Under the terms, 950 shares were acquired as apart of the acquisition. I Ceremony reported a net sales of ¥296 million, total assets of ¥444 million, net assets of ¥305 million, operating income of ¥6 million and net income of ¥4 million for the year ended on October 31, 2018. The transaction was resolved by the board on September 13, 2019. The transaction is expected to close on September 20, 2019.