Nishio Rent All Co., Ltd. entered into a definitive share sale agreement to acquire 80% stake in North Fork Pty Ltd. from Steven Alan Cunliffe for AUD 32.6 million.
September 11, 2017
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Nishio Rent All Co., Ltd. (TSE:9699) entered into a definitive share sale agreement to acquire 80% stake in North Fork Pty Ltd. from Steven Alan Cunliffe for AUD 32.6 million on September 11, 2017. Under the terms of the agreement, 8000 shares of North Fork Pty Ltd. will be acquired. Upon completion, North Fork Pty Ltd. will become subsidiary of Nishio Rent All Co., Ltd. As of June 2017, North Fork Pty Ltd. reported net asset of AUD 12.3 million and total assets of AUD 23.6 million. For the year ended June 2017, North Fork Pty Ltd. reported sales of AUD 33.9 million, operating profit of AUD 8.7 million and net profit of AUD 4.8 million. The Board of Directors passed a resolution on the transaction on September 11, 2017 and the deal is expected to close in early October 2017. The transaction is not expected to have any impact on the financial performance of Nishio Rent All Co., Ltd for the year ending September 30, 2017.
Nishio Holdings Co Ltd is a Japan-based company mainly engaged in the rental of construction and facility construction equipment, such as civil engineering and road machinery, aerial work machinery, construction machinery, surveying equipment, as well as related equipment for events, and other related businesses. The Rental-related business segment is engaged in the rental and construction of construction equipment, track construction equipment, contaminated soil and contaminated water treatment equipment, muddy water treatment equipment, tunnel and dam construction machinery, event equipment, and photography props, as well as electrical equipment work, electrical wiring work, and operation work for construction machinery and transport business. In addition, the Company is also engaged in the manufacture of tacks and screws, and construction equipment, as well as insurance and real estate leasing business.
Nishio Rent All Co., Ltd. entered into a definitive share sale agreement to acquire 80% stake in North Fork Pty Ltd. from Steven Alan Cunliffe for AUD 32.6 million.
NISHIO HOLDINGS CO., LTD. 