Tsuruha Holdings Inc. (TSE:3391) signed a basic agreement to acquire 51% stake in Kyorindo Group Holdings Co., Ltd. from the existing shareholders' for ¥23 billion on August 7, 2017. A contract is expected to be signed in early September 2017. As on September 7, 2017, share transfer agreement has been signed. Tsuruha Holdings Inc. will acquire 0.05 million shares of Kyorindo Group Holdings Co., Ltd. After the transaction, Kyorindo Group Holdings Co., Ltd. will operate as a subsidiary of Tsuruha Holdings Inc. During the financial year ended April 2017, Kyorindo Group Holdings Co., Ltd. reported total assets of ¥14.7 billion, operating loss of ¥0.024 million, net income of ¥0.436 million and net assets of ¥14.7 billion. The Board of Directors of Tsuruha Holdings Inc. passed a resolution for the transaction on August 7, 2017. The transaction is expected to be completed in late September 2017. As on September 7, 2017, share transfer tentative date is September 29, 2017. Transaction includes advisory cost of ¥150 million. Tsuruha Holdings Inc. (TSE:3391) completed the acquisition of 51% stake in Kyorindo Group Holdings Co., Ltd. from the existing shareholders' on September 29, 2017.