Japanese brewer Kirin Holdings Co. Ltd. on Aug. 6 signed an agreement to acquire a 30.3% stake in cosmetics and nutritional supplements producer Fancl Corp. for ¥129.3 billion.
Kirin will acquire about 39.54 million Fancl shares from its founder Kenji Ikemori, five of Ikemori's relatives and their asset management companies. The transaction, which will be executed Sept. 6, will see Kirin hold 33% of the voting rights in Yokohama-headquartered Fancl.
Separately, Tokyo-based Kirin cut its 2019 earnings outlook for a second time after it reported a loss of ¥8.34 per diluted share for the first half ended June 30, versus diluted EPS of ¥95.19 in the equivalent period in 2018.
For the six-month period, Kirin reported a loss attributable to the owners of the company of ¥7.31 billion compared to profit of ¥86.47 billion in the year-ago period.
For full year 2019, the company expects basic EPS to be ¥63.78, down from the previous forecast of ¥71.64. Profit attributable to the company's owners is now expected to come in at ¥56 billion, down 7.2% from the previous forecast of ¥62.9 billion.
The company attributed the change in outlook to operating expenses related to the sale of its Lion Dairy and Drinks business, following a strategic review announced in September 2018.
In April 2019, Canadian dairy producer Saputo Inc. agreed to acquire LDD's Australian specialty cheese unit Lion Pty. Ltd.
As of Aug. 5, US$1 was equivalent to ¥106.13.