Syla enters Capital and Business Alliance Agreement with RIBERESUTE

SYLA Technologies announced that it has entered into a Capital and Business Alliance Agreement with RIBERESUTE CORPORATION. The companies had entered into a “Basic Agreement on Business Alliance” on November 15, 2023, and had also agreed on the same date that SYLA would acquire 2,158,800 shares of common stock of RIBERESUTE from four of its shareholders. This share acquisition was completed on January 12, 2024. The Agreement, among other things, provides that RIBERESUTE shall not engage in any of the following acts without the prior consent of SYLA and insofar as it does not violate the principle of equal treatment of shareholders under the Companies Act of Japan. RIBERESUTE operates the businesses of development and sales of family condominiums primarily in the southern Kanto region. RIBERESUTE has strategically established its core operations around the development and construction of condominium properties, positioning itself as a manufacturing company leveraging its creative strengths and low-cost business model. The capital and business alliance is aimed at forging new growth strategies in the real estate market, enhancing the corporate value of both companies and making significant contributions to solving social issues by maximizing the use of both companies’ management resources.