S Line Co.,Ltd. (NSE:9078) signed a share exchange contract to acquire remaining 12.29% stake in S Line Kyushu,K.K. from Mikio Okamoto, Nichibei Koyu Co., Ltd., Minami Kyushu HINO Co., Ltd., ISUZU MOTORS Kyushu Ltd. and others for approximately ¥170 million in stock on March 23, 2016. Under the terms of the transaction, 10 shares of S Line Co.,Ltd. will be issued for every share of S Line Kyushu and a total of 0.2 million shares will be issued. Mikio Okamoto, Nichibei Koyu, Minami Kyushu HINO and ISUZU MOTORS Kyushu will sell 0.42%, 3.81%, 7.03% and 0.25% stake respectively.

In a related transaction, S Line Co.,Ltd. signed a share exchange contract to acquire remaining 26.74% stake in S Line Hashima K.K. from Matsuko Kunitachi , Akio Yasuda, Katsuji Kunitachi, Yukiko Kunitachi and others on March 23, 2016. On completion, S Line Kyushu will become a wholly owned subsidiary of S Line Co.,Ltd. S Line Kyushu reported net assets of ¥1.47 billion and total assets of ¥1.93 billion as of March 31, 2015. The transaction was resolved by the Board of Directors of S Line Co.,Ltd. on March 23, 2016.

The transaction is expected to close on July 1, 2016. OAG Certified Public Tax Accountant's Corporation acted as third party appraiser in the transaction.