OYO Corporation (TSE:9755) signed a basic agreement to acquire 60% stake in Geosmart International Pte. Ltd. from Balashunmuganathan Suresh Kumar on July 8, 2022. OYO will acquire 0.6 million shares of Geosmart.

The Board resolution date is July 8, 2022. Geosmart has reported revenue of JPY 662 million, total assets of JPY 780 million and Net income of JPY 18 million in Fiscal year ending December 2021. The deal is expected to complete in Late August 2022.

As of August 10, 2022, The share transfer execution date is planned in early October 2022.