Lianjiang Ruitian Foods Co., Ltd. agreed to acquire 27% stake in Fujian Dragon Enterprises Co. Ltd from Semba Tohka Industries Co., Ltd (TSE:2916) for ¥15 million on May 10, 2024. The consideration consists of ¥15 million in cash.

As part of the consideration, ¥15 million was paid towards common equity. As of December 31, 2023, Fujian Dragon Enterprises Co. Ltd reported total assets of ¥150 million, net assets of 83.1 million, sales of ¥120 million, operating profit of ¥1.67 million, and net income of ¥3 million.

The deal is subject to approval from board of directors of Fujian Dragon Enterprises Co. Ltd. Agreement is expected to be signed on May 14, 2024, and the deal is expected to be completed on June 30, 2024.