Kohsoku Corporation (TSE:7504) entered into a share transfer contract to acquire Marutomo Hoso K.K. and Porix K.K from Ko Oshikiri, Director of Marutomo Hoso and five other individual shareholders on April 12, 2013. Kohsoku Corporation will acquire 0.06 million shares of Marutomo Hoso and 0.02 million shares of Porix K.K. Ko Oshikiri will sell 64.5% stake in each of Marutomo Hoso and Porix. Post transaction, Marutomo Hoso and Porix K.K will be dissolved.

Marutomo Hoso reported total assets of ¥934 million, net assets of ¥59 million, sales of ¥1.5 billion, operating profit of ¥13 million and net income of ¥6 million for year ended September 2012. Porix K.K reported total assets of ¥214 million, net assets of ¥27 million, sales of ¥197 million, operating loss of ¥5 million and net loss of ¥6 million for year ended September 2012. The transaction was resolved by the Board of Directors of Kohsoku Corporation on April 12, 2013.

The share transfer execution is to be completed on April 15, 2013 and transaction will be effective from June 1, 2013.