Krosaki Harima Corporation (TSE:5352) signed a contract to acquire 60% stake in TRL Asia Private Limited from TRL Krosaki Refractories Ltd. and MAGUS (HONG KONG) LIMITED for SGD 8.5 million on November 25, 2016. Krosaki Harima will buy 51% stake from TRL Krosaki Refractories Ltd. and 9% stake from MAGUS. Krosaki Harima will acquire 7.8 million shares of TRL Asia. On completion, TRL Asia will become a direct investment subsidiary of Krosaki Harima. TRL Asia reported net assets of CNY 65 million (SGD 13.59 million), total assets of CNY 65 million (SGD 13.59 million), sales of CNY 0 million (SGD 0 million) and loss after tax of CNY 0.1 million (SGD 0.02 million) during the period ended March 2016. The deal was resolved by the Board of Directors of Krosaki Harima on November 25, 2016. The transaction will close in December 2016. Krosaki Harima will pay SGD 7,500 as advisory expenses. The currency conversion was done through www.oanda.com as at March 31, 2016. Krosaki Harima Corporation (TSE:5352) completed the acquisition of 60% stake in TRL Asia Private Limited from TRL Krosaki Refractories Ltd. and MAGUS (HONG KONG) LIMITED in December 2016.