Ueno Group Co., Ltd. signed a basic agreement to acquire Shuwa System Co., Ltd. from MCJ Co. Ltd. (TSE:6670) for ¥1 billion in cash on September 24, 2015. Ueno Group will acquire 97,800 shares of Shuwa System.

A share transfer contract is expected to be signed in early October 2015. Shuwa System reported net assets of ¥2.93 billion, total assets of ¥3.52 billion, sales of ¥1.22 billion, operating loss of ¥13 million and net loss of ¥16 million as of March 2015. A share transfer contract was signed on October 1, 2015.

The transaction was resolved by the Board of MCJ Co. Ltd. and is expected to be closed on November 1, 2015. As on November 30, 2015, the expected closing date for the transaction was extended from November 30, 2015 to December 21, 2015.