BEXEL Co.,Ltd. entered into agreement to acquire JICO co., Ltd (KOSE:A010580) in a reverse merger transaction from Samra Midas Group and others on December 30, 2021. This merger proceeds in a way that the existing shareholder of BEXEL Co.,Ltd. will receive shares of JICO co., Ltd according to the merger ratio with respect to the shares they own as of the date of allocation of new merged stocks. Upon completion of this merger, the largest shareholder of the surviving company, JICO co., Ltd, is expected to hold 83.55% of the total number of issued shares, including Samramidas Co., Ltd., so there will be no substantial change in management rights.

The deal is expected to close on April 1, 2022.