Nippon Kodoshi Corp. (JASDAQ:3891) signed a share sale and agreement to acquire Albay Agro-Industrial Development Corporation from Majent Management and Development Corporation for PHP 380 million on August 7, 2015. A total of 2 million shares of Albay Agro-Industrial Development Corporation will be acquired. Nippon Kodoshi Corp. acquired 40% stake in Albay Agro-Industrial Development Corporation on August 7, 2015. The remaining 60% is scheduled to be acquired in October 2015, as soon conditions for foreign investment regulations in the Philippines are met. Albay Agro-Industrial Development Corporation reported PHP 301.53 million of total common equity, PHP 892.15 million of total assets, sales of PHP 630.87 million, operating profit of PHP 28.58 million and net income of PHP 4.24 million for the year ended December 31, 2014. The Board of Directors of Nippon Kodoshi Corp. resolved the acquisition on August 7, 2015. As of November 20, 2015, the acquisition of the remaining 60% stake is extended to January 2016 from October, 2015.

Nippon Kodoshi Corp. (JASDAQ:3891) completed the acquisition of 98.6% stake in Albay Agro-Industrial Development Corporation from Majent Management and Development Corporation for approximately PHP 370 million on January 29, 2016. As of January 29, 2016, Nippon Kodoshi Corp. owns 98.6% stake in Albay Agro-Industrial Development Corporation and converted it into consolidated subsidiary.