PT Kino Indonesia Tbk (IDX:KINO) signed a share transfer agreement to acquire additional 51% stake in PT Morinaga Kino Indonesia from Morinaga & Co., Ltd. (TSE:2201) for IDR 74.9 billion on October 9, 2018. A total of 0.073 million shares will be acquired as part of the deal. After the transaction, Morinaga & Co., Ltd. will not hold any stake in PT Morinaga Kino.

Following the transaction, PT Kino Indonesia Tbk will be the controlling shareholder of PT Morinaga Kino Indonesia. PT Morinaga Kino Indonesia reported sales of IDR 0.46 million for the financial year ending December 31, 2017. Deal is expected to close by January 14, 2019.