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.

Ray Corporation (JASDAQ:4317) completed the acquisition of Nippon Movie, K.K. from Fumiyuki Iwata and other shareholders on March 1, 2014.