Torex Semiconductor Ltd. (TSE:6616) signed a contract to acquire the remaining 30.4% stake in Phenitec Semiconductor Corp. from The Chugoku Bank, Limited (TSE:8382), The Chugin Lease Co., Ltd., Oeya Co., Ltd., Kibi Kogyo Co., Ltd. and 9 individuals for approximately ¥930 million on December 14, 2018. As per the term, Torex Semiconductor wlll allocate and deliver 0.66 million shares consist of 0.19 million held treasury shares and 0.47 million newly-issued common shares to Phenitec shareholders. Allocation ratio for the share exchange is 1:185. The Chugin Lease Co., Ltd.,The Chugoku Bank, Limited (TSE:8382),Oeya Co., Ltd.,Kibi Kogyo Co., Ltd. ,Phenitec officers (7 individuals), former Phenitec Executive (2 individuals) will sell 2.2%,1.49%, 4.41%, 2.21%,13.37% and 6.7% respectively. Post acquisition, Phenitec Semiconductor Corp. will be a wholly-owned subsidiary of Torex Semiconductor Ltd. (TSE:6616). For fiscal year ended March 2018, Phenitec Semiconductor reported net asset of ¥ 9.97 billion, total assets of ¥16.4 billion, sales of ¥15.4 billion and operating income of ¥1.5 billion. The transaction is subject to approval of shareholders of Phenitec. The Board of Torex Semiconductor resolved the transaction on December 14, 2018. The Extraordinary shareholders' meeting of Phenitec will be held on January 11, 2019. The transaction is expected to be completed on February 1, 2019. SP Management Co., Ltd., acted as an independent third-party appraiser in the transaction.

Torex Semiconductor Ltd. (TSE:6616) completed the acquisition of the remaining 30.4% stake in Phenitec Semiconductor Corp. from The Chugoku Bank, Limited (TSE:8382), The Chugin Lease Co., Ltd., Oeya Co., Ltd., Kibi Kogyo Co., Ltd. and 9 individuals in February 2019.