Pan Pacific International Holdings Corporation (TSE:7532) and FamilyMart Co., Ltd. (TSE:8028) signed a Memorandum of Understanding to acquire 5% stake in Taiwan FamilyMart Co., Ltd. (GTSM:5903) for TWD 2.5 billion on July 8, 2020. Pan Pacific International Holdings Corporation and FamilyMart Co., Ltd. signed a agreement to acquire 5% stake in Taiwan FamilyMart Co., Ltd. on November 19, 2020. Pan Pacific International Holdings Corporation and FamilyMart Co., Ltd. will acquire 11.2 million shares.

Board resolution date is July 8, 2020. Date of share transfer agreement is September 30, 2020. The acquisition is subject to the conclusion of a final contract between Pan Pacific International Holdings Corporation and FamilyMart Co., Ltd., and the approval of the authorities.

Stock transfer execution date is October 30, 2020. Transaction is expected to complete on March 31, 2021. As of March 2021, Pan Pacific International Holdings Corporation and FamilyMart Co., Ltd. acquired 2% stake in Taiwan FamilyMart Co., Ltd. The date of conclusion of share transfer agreement for the remaining 3% stake is May 18, 2021.

The board of direction resolved the transaction. The transaction is expected to complete in June 2021.