Additional Acquisition of Shares in Vietnamese Consolidated Subsidiary

Hoshizaki Corporation (Headquarters: Toyoake City, Aichi Prefecture, President & COO: Yasuhiro Kobayashi), a comprehensive food service equipment manufacturer, announced today that it has signed a share transfer agreement with SEAREFICO CORPORATION (Headquarters: Ho Chi Minh City, Socialist Republic of Vietnam (hereinafter, Vietnam)).

Through this agreement, Hoshizaki will acquire additional shares owned by SEAREFICO in its consolidated subsidiary, ASIA REFRIGERATION INDUSTRY JOINT STOCK COMPANY (ARICO), a manufacturer and seller of commercial/industrial freezers and food processing equipment based in Ho Chi Minh City, Vietnam. This will increase Hoshizaki's equity stake from the current 51% to 99.616%.

This additional share acquisition is intended to further strengthen governance, speed up decision-making, and integrate business strategies.

Since making ARICO a consolidated subsidiary in March 2025, Hoshizaki has been investing in production and preparing for the opening of its first Hoshizaki-branded production base in Southeast Asia within ARICO's existing factory in Ho Chi Minh City. Now that the mass production system is ready, shipments of commercial refrigerators manufactured at this factory will begin in early April, and they will be sold in Vietnam through Hoshizaki Vietnam.

The additional share acquisition is scheduled for June 2026 and will be carried out through Hoshizaki's consolidated subsidiary and Southeast Asia regional holding company, HOSHIZAKI SOUTHEAST ASIA HOLDINGS PTE. LTD. (Headquarters: Republic of Singapore).

By acquiring additional shares, Hoshizaki aims to further strengthen ARICO's manufacturing base, expand product shipments to the Southeast Asian region, and achieve further business expansion.

■ ARICO Company Profile

• Company Name: ASIA REFRIGERATION INDUSTRY JOINT STOCK COMPANY

• Location: Ho Chi Minh City, Socialist Republic of Vietnam

• Established: October 2007

• Business: Manufacturing and sales of commercial/industrial freezers and food processing equipment

• Representatives:
  Chairman: Atsushi Uesugi

  President: Huynh Khoi Binh

• Capital: 278.3112 billion VND (1.669 billion JPY*)

• Number of Employees: 99 (as of the end of December 2025)

• Number of Production Bases: 2 (in Ho Chi Minh City) (as of March 26, 2026)

  *1 VND = 0.006 JPY

■ Previous Press Release on this Matter

2024.12.19 Agreement to Acquire Shares in Vietnamese Refrigeration and Food Equipment Manufacturing and Sales Company