Fuzhuo Abrasives (Shandong) Co., Ltd. agreed to acquire a 47% stake in Zibo Riken Mt Coated Abrasives Co.,Ltd. from Riken Corundum Company Limited. (TSE:5395) for approximately CNY 0.11 million on April 18, 2022. For the year ended December 31, 2022, Zibo Riken Mt Coated Abrasives Co.,Ltd. had total assets of approximately CNY 0.28 million, net assets of approximately CNY 0.22 million, revenues of approximately CNY 0.37 million and EBIT of approximately CNY 0.03 million. The completion of transaction is expected in May, 2022.