Kyokuto Kaihatsu Kogyo Co.,Ltd. (TSE:7226) entered into a basic agreement to acquire 45% stake in FE-ONE Co., Ltd. from Truck-One Co., Ltd. (FKSE:3047) on June 21, 2019. As per the agreement, Truck-One shall transfer 4,050 shares in FE-ONE. Presently, FE-ONE is held as to 45% by Truck-One and 55% by FEE Co., Ltd., subsidiary of Kyokuto Kaihatsu Kogyo.

Post completion, Truck-One shall hold no stake in FE-ONE. For the fiscal year ended March 31, 2019, FE-ONE reported net assets of ¥232 million and total assets of ¥705 million. The scheduled share transfer date shall be June 25, 2019.