Tsuruha Holdings to acquire full ownership of Lady Drugstore

Tsuruha Holdings announced on November 20, 2025, a decision to make its consolidated subsidiary, Lady Drugstore, a wholly owned subsidiary. Lady Drugstore will repurchase 1,767 shares from Fuji, while Tsuruha Holdings will acquire the remaining 46 shares from Fuji directly. This transaction formalizes the complete ownership of Lady Drugstore by Tsuruha Holdings.

The strategic move aims to enhance Lady Drugstore's corporate value by enabling swift decision-making and aggressive investments amidst increasing competition. Lady Drugstore, a key player in the Chugoku and Shikoku regions, reported net assets of JPY21,751m and total assets of JPY43,518m for the fiscal year ending February 2025. Its sales for the period were JPY71,447m, with operating profit at JPY3,511m.

The transaction is scheduled for December 22, 2025. Tsuruha Holdings anticipates the impact of this acquisition on its consolidated financial performance for the fiscal year ending February 2026 to be minor. The capital and business alliance agreement with Fuji and Lady Drugstore, originally signed in 2015, will terminate upon completion of the transaction.