Chimney Co., Ltd. (TSE:3178) and Yamaya Corporation (TSE:9994) entered into an agreement to acquire 87.8% stake in Tsubohachi Co., Ltd. from Nippon Steel & Sumikin Bussan Corporation (TSE:9810) on October 29, 2018. Chimney Co., Ltd. and Yamaya Corporation will acquire 0.34 million shares representing 34% stake and 0.54 million shares representing 53.8% stake respectively. Upon completion, Tsubohachi Co., Ltd. will operate as subsidiary of Yamaya Corporation. For the year ended March 31, 2018, Tsubohachi Co., Ltd. reported total assets of ¥3.7 billion, net assets of ¥2.1 billion, revenue of ¥7.6 billion, operating profit of ¥118.7 million, and net profit of ¥83.5 million. The transaction was resolved by the Board of Yamaya Corporation on October 29, 2018. The transaction is expected to close on November 30, 2018.

Chimney Co., Ltd. (TSE:3178) and Yamaya Corporation (TSE:9994) cancelled the acquisition of 87.8% stake in Tsubohachi Co., Ltd. from Nippon Steel & Sumikin Bussan Corporation (TSE:9810) on October 29, 2019.