Chori Co., Ltd. (TSE:8014) entered into an agreement to acquire Sumitex International Co., Ltd. from Sumitomo Corporation (TSE:8053) on February 26, 2021. As a part of the transaction, Chori Co., will acquire 0.017 shares of Sumitex International. As of March 31, 2021, Sumitex International reported net assets of ¥3.17 billion, total assets of ¥12.48 billion, sakes of ¥46.52 billion, business profit of ¥829 million, ordinary profit of ¥749 million, and net profit of ¥528 million.

The transaction was resolved board of Chori Co. The board of directors of the Chori Co as fair and appropriate, taking into consideration what has been reasonably calculated by a third-party organization performing due diligence. The transaction is subject to no issuance of cease and desist order by FTC.

On April 28, 2021 Japan FTC communicated it will not issue cease and desist order. The transaction is expected to be completed by June 1, 2021.