Showa Manufacturing Co.,Ltd. (FKSE:5953) agreed to acquire an additional 20% stake in Korea Pionics Co., Ltd from Japan Pionics Co., Ltd. for KRW 2.8 billion on December 18, 2013. Showa Manufacturing will acquire 1.5 million shares of Korea Pionics. Korea Pionics reported net assets of KRW 17 billion, total assets of KRW 18.3 billion, sales of KRW 16.2 billion, operating loss of KRW 274 million and net loss of KRW 357 million for year ended December 2012.

The transaction contract conclusion is expected to take place on December 24, 2013 and transaction is expected to be completed on December 25, 2013.