Santo Co.,Ltd. entered into an agreement to acquire 80% stake in Furusawa Construction Co., Ltd. from Kazuaki Furusawa and Kazuaki Furusawa for ¥52 million.
September 29, 2016
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Santo Co.,Ltd. (JASDAQ:1788) agreed to acquire 80% stake in Furusawa Construction Co., Ltd. from Kazuaki Furusawa and Kazuaki Furusawa for ¥52 million on September 29, 2016. Under the terms of the transaction, Santo will acquire 240 shares. Furusawa Construction reported net assets of ¥25.72 million, total assets of ¥135.98 million, sales of ¥319.47 million, operating profit of ¥9.79 million and net profit of ¥8.22 million for the period ending September 2015. The transaction was approved by the board of directors of Santo Co.,Ltd. The transaction is expected to complete on September 30, 2016. As a part of the transaction, Santo will pay expenses of ¥0.5 million.
Santo Corp is mainly engaged in construction contract business. The Company operates in three business segments. The Civil Engineering segment engages in general civil engineering, paving and underground works. The general civil engineering works include general civil engineering work such as mountain and flood control and others. The paving works include land and road paving work, and special greening related to bedrock. The underground works consist of ground improvement, continuous underground wall construction, high-precision small-diameter pipe propulsion and others. The Construction segment engages in construction of offices, government buildings, accommodation facilities, stores, factories, schools and hospitals, and rental and condominium construction work. The Environmental Development segment involves planning, investigation, design, supervision, construction and operation related to environment, buying and selling, leasing, brokering, managing, and appraising real estate.
Santo Co.,Ltd. entered into an agreement to acquire 80% stake in Furusawa Construction Co., Ltd. from Kazuaki Furusawa and Kazuaki Furusawa for ¥52 million.