The board of directors of FUJI OIL ASIA PTE. LTD.(“FOA”) wishes to announce that the Company acquired additional shares of FUJI GLOBAL CHOCOLATE (M) SDN. BHD.(“FGC) on 26 February 2020 to make FGC a wholly owned subsidiary (“the Additional Stock Acquisition”).

1. Purpose of the Additional Stock Acquisition

FOA, a subsidiary of Fuji Oil Holdings Inc. (“Fuji Oil Holdings” or “Fuji Oil Group”), acquired 70% shares of FGC from GUAN CHONG BERHAD(“GCB”) in July 2016, and subsequently acquired 2.25% shares of FGC from the founder of FGC in May 2018.
Considering that FGC has expanded its business as originally planned as a major industrial chocolate manufacturing base in Asia region, the board of directors of FOA decided to make FGC a wholly owned subsidiary in accordance with the joint venture agreement with GCB. FGC will strengthen the relationships and generate synergies with companies in Fuji Oil Group going forward to increase its contribution to our group growth strategy.

2. Overview of the Subsidiary in Malaysia

(1) Name	FUJI GLOBAL CHOCOLATE (M) SDN. BHD.
(2) Location	JOHOR, MALAYSIA
(3) Representative director	Koichi Kuramori
(4) Business	Manufacture and sale of industrial chocolate
(5) Capital	20 Million Malaysian ringgits
(6) Shareholder composition	Before the Additional Stock Acquisition	FOA：72.25% GCB：27.75%
	After the Additional Stock Acquisition	FOA：100%
(7) Relationship between FOA and FGC	Capital Relationship	A 100% owned consolidated subsidiary
	Personal Relationship	4 members from Fuji Oil Group as FGC board of directors
	Business Relationship	Sales and Purchases between Fuji Oil Group

Note) Relationship between FOA and FGC describes the relationship after the Additional Stock Acquisition.

3. Overview of GCB

(1) Company	GUAN CHONG BERHAD
(2) Location	JOHOR, MALAYSIA
(3) Representative director	BRANDON TAY HOE LIAN
(4) Business	Manufacture and sale of cacao materials
(5) Capital	220.4 Million Malaysian ringgits
(6) Relationship between FOA and GCB	Capital Relationship	Not applicable
	Personal Relationship	Not applicable
	Business Relationship	Sales and Purchases between Fuji Oil Group

4. Overview of the transaction of the Additional Stock Acquisition

(1) Number of shares owned by FOA before the Additional Stock Acquisition	14,450,000 shares
(2) Number of shares for the Additional Stock Acquisition	5,550,000 shares
(3) Purchase Price	32 Million Malaysian ringgits
(4) Number of shares owned by FOA after the Additional Stock Acquisition	20,000,000 shares

5. Impact on financial result of Fuji Oil Holdings

As FGC was already consolidated subsidiary before the Additional Stock Acquisition, the impact on our consolidated business result is insignificant.