Seiko Holdings Corporation completed the acquisition of the remaining 24.4% stake in Kyobashi Kigyo Co., Ltd. from Hideo Hattori, Koichiro Hattori, Joji Hattori, Honnao Hattori and others.
January 01, 2013 at 09:30 am IST
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Seiko Holdings Corporation (TSE:8050) signed an exchange agreement to acquire the remaining 24.4% stake in Kyobashi Kigyo Co., Ltd. from Hideo Hattori, Koichiro Hattori, Joji Hattori, Honnao Hattori and others for ¥1.4 billion in stock on November 13, 2012. Hideo Hattori will sell 11.7% stake, Koichiro Hattori will sell 5% stake, Joji Hattori will sell 5% stake and Honnao Hattori will sell 1% stake. Under the terms of the transaction, for every common share of Kyobashi Kigyo, 140 common shares of Seiko Holdings will be allotted. In a related transaction Seiko Holdings Corp. signed an exchange agreement to acquire the remaining 61.9% stake in Shirakawa Estate in stock on November 13, 2012. A total of 20.46 million shares of Seiko Holdings Corp. as consideration for the transactions. For the financial year ending March 31, 2012, Kyobashi Kigyo had net assets of ¥6.16 billion, total assets of ¥7.86 billion, sales of ¥274 million, operating profit of ¥161 million and net profit of ¥131 million.
Both the transaction was approved by Board of Directors of Seiko Holdings Corp. and Kyobashi Kigyo. The transaction is not subject to approval from shareholders' committee of Seiko Holdings Corporation, however it should obtain approval in extraordinary shareholders' meetings of Kyobashi Kigyo to be held on November 30, 2012. The transaction is expected to close by January 1, 2013. Mizuho Securities Co., Ltd. acted as calculation agent for Seiko Holdings and Iizuka CPA firm acted as calculation agent for Kyobashi Kigyo.
Seiko Holdings Corporation (TSE:8050) completed the acquisition of the remaining 24.4% stake in Kyobashi Kigyo Co., Ltd. from Hideo Hattori, Koichiro Hattori, Joji Hattori, Honnao Hattori and others on January 1, 2013.
Seiko Group Corp is a Japan-based company mainly engaged in the operation of watch business, electronic device business and system solution business. The Company operates through three business segments. The Watch segment is engaged in the manufacture, wholesale and retail of watches and watch movements, as well as watch repair and after-sales service. The Electronic Device segment is engaged in the manufacture and sale of crystal oscillators, batteries and materials, printers, and precision parts. The System Solution segment is engaged in the manufacture and sale of products related to wireless communication equipment, information network systems, and data services. The Company also operates the time creation and wako business, including the sale of equipment clocks and sports timing equipment, the development manufacture, sale, repair and after-sales service of clocks, the retail of luxury jewelry, apparel and miscellaneous goods, and real estate leasing business.
Seiko Holdings Corporation completed the acquisition of the remaining 24.4% stake in Kyobashi Kigyo Co., Ltd. from Hideo Hattori, Koichiro Hattori, Joji Hattori, Honnao Hattori and others.
SEIKO GROUP CORPORATION 
