Higashimaru Co.,Ltd. (FKSE:2058) agreed to acquire Nagaya Suisan Y.K. from Toshio Nagano and Setsumi Nagano for ¥16.7 million in cash on November 19, 2014. Toshio Nagano will sell 66.67% and Setsumi Nagano will sell 33.33% stake in Nagaya Suisan. Higashimaru Co will use its own funds to finance the acquisition.

For the year ended May 31, 2014, Nagaya Suisan had net assets of ¥4.64 million, total assets of ¥135.48 million, sales of ¥1.19 billion, operating loss of ¥2.2 million and net profit of ¥0.45 million. The Board of Higashimaru passed the resolution for the acquisition. The deal is expected to be completed on November 28, 2014.