Kyoritsu Electric Corporation agreed to acquire 0.58% stake in Seiko Electric Co.,Ltd. from Seiko Create CO.,LTD for ¥20.4 million.
January 30, 2015 at 09:30 am IST
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Kyoritsu Electric Corporation (JASDAQ:6874) agreed to acquire an additional 0.58% stake in Seiko Electric Co.,Ltd. (FKSE:6653) from Seiko Create CO.,LTD for ¥20.4 million on January 30, 2015. Under the terms of the agreement, Kyoritsu Electric Corporation will acquire 0.07 million shares of Seiko Electric Co.,Ltd. at ¥300 per share. Post transaction, Kyoritsu Electric Corporation will hold 5% stake in Seiko Electric Co.,Ltd.
SEIKO ELECTRIC CO., LTD. is a Japan-based company mainly engaged in the electric power business, environmental energy business, information business and service business. The Company has four business segments. The Power segment is engaged in the manufacture and sale of power control systems, power switching devices, distribution automation equipment and intelligence equipment. The Environment and Energy segment is mainly engaged in the manufacture and sale of public and environmental systems, industrial plant systems, power distribution systems and storage systems. The Information segment is mainly engaged in the manufacture and sale of cloud service products for ports, healthcare and e-learning services. The Service segment is mainly engaged in the provision of engineering services of electrical equipment, and the insurance agency business. The Company is also engaged in the electrical construction business and the equipment installation business.