Asia Gate Holdings Co., Ltd. (JASDAQ:1783) signed a basic agreement to acquire more than 90% stake in Higashinihon Fudosan, K.K. from Higashinihon Asset Ltd. and Hiroshi Akimoto on October 25, 2018. The number of shares to be acquired has not been finalized, however, Asia Gate Holdings Co., Ltd. has agreed to acquire more than 90% of issued capital of Higashinihon Fudosan, K.K. Higashinihon Asset Ltd. held 56.66% stake and Hiroshi Akimoto hold 27.54% stake in Higashinihon Fudosan, K.K. Post completion, Higashinihon Fudosan, K.K. will operate as a subsidiary of Asia Gate Holdings Co., Ltd. For the fiscal year ended February 2018, Higashinihon Fudosan, K.K. reported sales of ¥1.8 billion, operating income of ¥493.9 million and net profit of ¥169.9 million. As of fiscal year ended February 2018, Higashinihon Fudosan, K.K. reported total assets of ¥11.1 billion and net assets of ¥1.7 billion. The Board of Directors of Asia Gate Holdings Co., Ltd. passed a resolution for the deal on October 25, 2018. The planned share transfer agreement signing date is November 2018 and the planned share transfer date is December 2018.