Symphony Holdings (HKG:1223) will acquire the 15% stake it does not yet own in SYM ITO Sales and Distribution from Itochu (TYO:8001) for $600,000 in cash.
The company already holds an 85% stake in the target, and after completion, the target will become a wholly owned subsidiary, a Tuesday bourse filing said.
Formed in 2020 as a joint venture between Symphony and Itochu, SYM ITO's core business is designing, manufacturing, marketing, and distributing the compression and high-performance sportswear and apparel brand "SKINS."
Symphony said the deal allows it to gain full control over SYM ITO and enhance operational efficiency.
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