Kyoshin Co., Ltd. (TSE:4735) agreed to acquire SELC Australia Pty Ltd. from NichiiGakkan Co., Ltd. (TSE:9792) for ¥10 million (AUD 0.13 million) on June 12, 2020. Kyoshin Co., Ltd. entered into a contract to acquire SELC Australia Pty Ltd. from NichiiGakkan Co., Ltd. on July 17, 2020. As reported, Kyoshin Co., Ltd. will acquire 20 million shares in SELC Australia Pty Ltd. As a result of the transaction, SELC Australia Pty Ltd. will become a consolidated subsidiary of Kyoshin Co., Ltd. For the year ended June 2020, SELC Australia Pty Ltd reported sales of AUD 9.7 million, net liabilities of AUD 16.3 million and total assets of AUD 7.6 million.

The necessary procedures such as approval by the Australian authorities have been completed. The Board of Directors meeting of Kyoshin Co., Ltd resolved the transaction on June 12, 2020. The planned share transfer execution date is October 30, 2020.