TS TECH Co., Ltd. (TSE:7313) concluded a share transfer agreement to acquire Honda Cars Saitamakita Co., Ltd. from SHOWA Corporation (TSE:7274) on March 25, 2020. As reported, TS TECH Co., Ltd. will acquire 60,000 shares of Honda Cars Saitamakita Co. With the share acquisition, Honda Cars Saitamakita Co., Ltd. is scheduled to become a consolidated subsidiary of TS TECH Co.

For the fiscal year ending March 2019, Honda Cars Saitamakita Co. reported total assets of ¥4.2 billion, net assets of ¥1.5 billion, sales of ¥12.4 billion, operating profit of ¥0.53 billion and net profit of ¥0.36 billion. The transaction was resolved by the Board of Directors of TS TECH Co., Ltd. on March 25, 2020.

The planned stock transfer execution date is May 15, 2020. The effect of the acquisition on TS TECH Co's consolidated business results is insignificant.