Ray Corporation (JASDAQ:4317) agreed to acquire 96.9% stake in Nippon Movie, K.K. from Fumiyuki Iwata for ¥10 million on February 18, 2014. Ray Corporation will acquire 2.5 million shares. For the year ending March 31, 2013, Nippon Movie, K.K. reported net assets of ¥266 million, total assets of ¥635 million, sales of ¥671 million, operating loss of ¥114 million and net loss of ¥105 million.

Board of Directors of Ray Corporation passed a resolution for the transaction on February 18, 2014. The agreement is expected to be signed on February 27, 2014 and the transaction is expected to close on March 1, 2014.