Oenon Holdings is looking to acquire a controlling stake in Kitanohomare Sake Brewing Co., according to local reports.

Oenon Holdings, which is the parent company of sake producer Godo Shusei Co., is apparently looking to up its holding in Kitanohomare from 7.7% to 68.6%, Nikkei Report said today (9 February). Citing an industry source, the news service said that Oenon will make the move by the end of next month, at an expected cost of around JPY500m (US$4.1m).

Kitanohomare, a producer of locally brewed sake in Otaru, Hokkaido, posted sales of about JPY1bn in fiscal 2005, Nikkei Report noted.

Separately, Oenon today posted a slight fall in sales for 2006. Group sales for the year came in at JPY73bn from JPY76.32bn in 2005. Net profit also slid to JPY883m from JPY1.25bn.

The company is targeting sales of JPY77bn in 2007, with net profit forecast to come in at JPY1bn.