Sasakura Engineering Co., Ltd. (TSE:6303) intended to acquire the remaining 14.9% stake in Sasakura Middle East Company from ITOCHU Corporation (TSE:8001) for SAR 0.71 million on November 7, 2019. The board passed a resolution for the acquisition. Sasakura Engineering Co., Ltd will acquire 298 shares. For the year ended 2018, Sasakura Middle East Company had net assets of SAR 7.6 million, total assets of approximately SAR 460 million, net sales of approximately SAR 410 million, operating loss of SAR 3.9 million and net loss of SAR 3.9 million. The conclusion of share transfer agreement is expected in November 2019. The transaction is expected to close in June 2020. The transaction is expected to be closed by December 2020.

Sasakura Engineering Co., Ltd. (TSE:6303) cancelled the acquisition of Sasakura Middle East Company from ITOCHU Corporation (TSE:8001) on November 7, 2020.