Otec Corporation (JASDAQ:1736) entered into share transfer contract to acquire Furuno Denki Kogyo Co., Ltd. from Yosuke Furuno, Shuko Furuno and Akihiro Furuno on August 29, 2016. Yosuke Furuno, Shuko Furuno and Akihiro Furuno will sell 2,480 shares, 330 shares and 200 shares of Furuno Denki Kogyo respectively. For the year ended April 2016, Furuno Denki Kogyo reported net assets of ¥71.5 million, total assets of ¥110.5 million, sales of ¥204.7 million, operating profit of ¥8.8 million, current profit of ¥9.2 million, net income of ¥7.6 million. On August 29, 2016, the Board of Directors of Otec resolved the transaction. The share transfer date is August 31, 2016. Otec Corporation (JASDAQ:1736) cancelled the acquisition of Furuno Denki Kogyo Co., Ltd. from Yosuke Furuno, Shuko Furuno and Akihiro Furuno on August 29, 2017.