Sugi Holdings became the majority owner of a drugstore and dispensing-pharmacy operator on 1 September 2026, years ahead of the original schedule. The half-year securities report filed on 14 October gives the terms. These closings predate the filing, and the 2026 board approval is dated 9 April.
Control moves forward
Sugi held 49.0% of the voting rights immediately before the deal; it had made the company an equity-method affiliate on 30 September 2025. It bought a further 2.0% for cash, taking its stake to 51.0% and making the company a consolidated subsidiary. The original agreement planned an additional purchase around June 2030. Sugi says the two companies' cultures proved highly compatible, and that staff exchange and know-how sharing moved faster than expected in six months of cooperation.
The acquisition cost is ¥24.6bn: ¥23.6bn is the fair value of the stake already held and ¥964mn is the cash paid. Goodwill, acquisition-related costs and the acquired assets and liabilities are not yet determined.
Capital raised beforehand
On 27 July, GIC Private Limited paid for a third-party share issue by Sugi: 5,082,000 shares at ¥3,195 each, before the 1 September two-for-one split. Capital and capital reserve each rose ¥8.1bn. Share-issue proceeds in the cash flow statement were ¥16.2bn, and Sugi also raised ¥22.5bn in bonds.
Profit comparison
Sales for the six months to August rose 8.1% to ¥540.7bn, and operating profit rose 4.4%. Net profit attributable to owners fell to ¥13.0bn from ¥28.6bn, a drop of 54.6%. Sugi says the prior-year figure included deferred tax assets booked after absorbing the former I&H.