Toyo Ink Sdn Bhd entered into shares transfer agreement to acquire additional 40% stake in Toyo Dai-Nichi Ink Sdn Bhd from Dainichiseika Color & Chemicals Mfg. Co., Ltd. (TSE:4116) for MYR 1 million in cash on February 15, 2017. Under the terms of the transaction, Toyo Ink Sdn Bhd will acquire 0.4 million shares of Toyo Dai-Nichi Ink Sdn. Bhd. Toyo Ink Sdn Bhd will not assume any liabilities. Toyo Ink Sdn Bhd will pay the consideration within 30 days of signing of shares transfer agreement. Post-closing, Toyo Ink Sdn Bhd will hold 99.99% stake in Toyo Dai-Nichi Ink Sdn Bhd. The transaction is financed from internally generated funds. Toyo Dai-Nichi Ink Sdn Bhd had net asset value of MYR 3.95 million. The acquisition is not subject to the approval of the shareholders of Toyo Ink Group Berhad, parent of Toyo Ink Sdn Bhd and any relevant government authorities. The Board of Directors of Toyo Ink Group Berhad is of the opinion that the acquisition is in the best interest of Toyo Ink Group Berhad, parent of Toyo Ink Sdn Bhd. The transaction is expected to close on or before March 15, 2017. The acquisition will not have any effect on net assets, gearing and earning per share, share capital and substantial shareholders’ shareholdings of Toyo Ink Group Berhad, parent of Toyo Ink Sdn Bhd for the financial year ending March 31, 2017. Toyo Ink Sdn Bhd completed the acquisition of additional 40% stake in Toyo Dai-Nichi Ink Sdn Bhd from Dainichiseika Color & Chemicals Mfg. Co., Ltd. (TSE:4116) in March 2018.