Iwaki & Co., Ltd. (TSE:8095) agreed to acquire Maruman H&B Co.,Ltd. from MAJESTY GOLF Co., Ltd. for ¥1 billion on November 19, 2020. Maruman H&B Co., reported revenues of ¥20.5 billion, total asset of ¥9.5 billion, EBIT of ¥0.8 billion, net income of ¥0.7 billion and total common equity of ¥5.6 billion for the year 2019. Upon completion, Maruman H&B Co will operate as wholly owned subsidiary of Iwaki & Co., Ltd. The deal is expected to be completed by December 2020.

Although the impact of this matter on the Company's consolidated financial results for the fiscal year ending November 2020 is minor, matters to be disclosed in the future.