SPECIALTY PULP MANUFACTURING, INC signed a transfer agreement to acquire 98.7% stake in Albay Agro-Industrial Development Corporation from Nippon Kodoshi Corporation (JASDAQ:3891) for approximately PHP 440 million on June 7, 2018. Under the terms of the transaction, Nippon Kodoshi Corporation will transfer 1.97 million shares of Albay Agro-Industrial Development Corporation and all the loan claims to SPECIALTY PULP MANUFACTURING, INC. Consideration will be paid in two rounds on June 7, 2018 and in August 2018. Post transaction Nippon Kodoshi Corporation will not own any stake in Albay Agro-Industrial Development Corporation. Post completion, Albay Agro-Industrial Development Corporation will cease to be a subsidiary of Nippon Kodoshi Corporation. Albay Agro-Industrial Development Corporation reported total assets of PHP 554 million and net assets of PHP 426.8 million as of December 31, 2017 and revenues of PHP 1.4 billion, operating loss of PHP 36.8 million and net loss of PHP 357.7 million for the year ended December 31, 2017. The transaction is resolved by the Board of Nippon Kodoshi Corporation on June 7, 2018.