Tsuruha Holdings Inc. entered into a share transfer agreement to acquire 29.8% stake in Drug Eleven Co.,Ltd. from Kyushu Railway Company.

Tsuruha Holdings Inc. (TSE:3391) entered into a share transfer agreement to acquire remaining 49% stake in Drug Eleven Co.,Ltd. from Kyushu Railway Company (TSE:9142) on April 28, 2023. As part of transaction, 1,558,327 shares will be acquired. Prior to the execution of that transaction, JR Kyushu expects to transfer 1,000,000 of the shares to Drug Eleven.

As a result, Tsuruha Holdings is expected to acquire 100% of the voting rights in Drug Eleven. For period ended May 15, 2022, Drug Eleven reported net assets of ¥7.8 billion, total assets of ¥21.8 billion, net sales of ¥44 billion, operating income of ¥408 million and net income of ¥23 million. The transaction is expected to complete in May 31, 2023.