Kawakin Holdings Co., Ltd. (TSE:5614) and Nobuyoshi Suzuki agreed to acquire in Tokyo Rika Kogyo Co., Ltd. from Tori Holdings Co., Ltd. (TSE:5856) and others for ¥80 million on August 25, 2016. Under the terms, Kawakin Holdings Co., Ltd. will acquire 95% and Nobuyoshi Suzuki will acquire 5% stake. 1.5 billion shares will be acquired for ¥0.05 per share.

On completion, Tokyo Rika Kogyo will become a subsidiary of Kawakin Holdings. Tokyo Rika Kogyo reported net assets of ¥407 million, total assets of ¥1.13 billion, sales of ¥2.4 billion, operating profit of ¥75 million and net income of ¥95 million as of March 2016. The board of directors of Tokyo Rika Kogyo Co., Ltd. resolved the transaction.

The transaction is expected to close on October 1, 2016.