Iida Group Holdings Co., Ltd. entered into basic agreement to acquire First Wood Co., Ltd. from a group of sellers for approximately ¥790 million.
March 07, 2014
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Iida Group Holdings Co., Ltd. (TSE:3291) entered into basic agreement to acquire First Wood Co., Ltd. from a group of sellers on March 7, 2014. Rei Sawada will sell 48.84% stake, Hajime Construction Co., Ltd. will sell 5.75% stake, Arnest One Corporation will sell 5.75% stake, First Juken Co., Ltd. (TSE:8917) will sell 5.75% stake, Iida Sangyo Co., Ltd. will sell 5.03% stake, Touei Housing Corporation will sell 5.03% stake, Takao Nakayama will sell 3.95% stake, Tact Home Co., Ltd. will sell 2.59% stake, and Koma Seki will sell 2.30% stake and the unknown seller will sell 13.51% stake. Iida Group Holdings Co., Ltd. will acquire 0.01 million shares of First Wood Co., Ltd. After the transaction, First Wood will operate as a subsidiary of Iida Group Holdings.
During the year ended December 2013, First Wood Co.,Ltd. had net assets of ¥1.26 billion, total assets of ¥19.59 billion, net sales of ¥25.44 billion, operating income of ¥390 million, ordinary income of ¥102 million and net income of ¥59 million. Board of Directors of Iida Group passed a resolution for the transaction on March 7, 2014. The scheduled share transfer contract conclusion is April 7, 2014. The transaction is expected to close in mid May 2014.
As on April 7, 2014, Iida Group Holdings Co., Ltd. (TSE:3291) to acquire 88.79% stake in First Wood Co., Ltd. for approximately ¥790 million. The transaction is expected to close on May 22, 2014.
Iida Group Holdings Co., Ltd. is a holding company, which is principally engaged in the operation of real estate business. Through the subsidiaries, the Company is engaged in the detached house sale business, including the purchase of commercial lands, reclamation, planning, design, construction and sale, the provision of after-sale services, and land subdivision operation; the condominium sale business, including the operative construction and distribution of condominiums, and the contracted works, including the undertaken of real estate construction works. The Company is also involved in various other real estate-related activities, such as renovation works, real estate brokerage services, hot spring and golf course operations, arrangement and lending of mortgage loans, and the provision of Internet-related consulting services, among others. On May 22, 2014, it acquired 94.54% interests in a Japan-based company.