Apparel maker Onward Kashiyama Co will take full control of its affiliate Oak Co, the clothing and jewellery retailer, on 1 April 2003.

Under the agreed equity swap, one Oak share will be exchanged for 0.05 Onward Kashiyama share.

Onward Kashiyama currently has a 27.58 per cent stake in Oak, and hopes that it will be able to boost efficiency of group operations by making it a wholly owned unit.