Ishigaki Foods Co.,Ltd. (JASDAQ:2901) signed a contract to acquire 51% stake in New Japan Functional Foods Co., Ltd from Kenji Kobayashi for approximately ¥310 million on October 31, 2017. Under the terms, Ishigaki Foods will acquire 510 common shares. Before acquisition, Kenji Kobayashi holds 100% stake in New Japan Functional Foods. For the fiscal year ended July 31, 2017, New Japan Functional Foods Co., Ltd reported net assets of ¥65 million, total assets of ¥1.1 billion, sales of ¥2.2 billion, operating income of ¥3.5 million and net loss of ¥35.8 million. The transaction is resolved by the Board of Directors of Ishigaki Foods Co.,Ltd on October 31, 2017. The transaction is expected to close on March 31, 2018. Ishigaki Foods will pay ¥2 million as advisory expense. Ishigaki Foods Co.,Ltd. (JASDAQ:2901) completed the acquisition of 51% stake in New Japan Functional Foods Co., Ltd from Kenji Kobayashi on March 30, 2018.