Seino Holdings Co., Ltd. signed a share exchange contract to acquire the remaining 20.49% stake in Seino Sangyo Co.Ltd from Suito Travel K.K. and Seino Engineering Co., Ltd. for ¥78.9 million.
February 17, 2015 at 09:30 am IST
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Seino Holdings Co., Ltd. (TSE:9076) signed a share exchange contract to acquire the remaining 20.49% stake in Seino Sangyo Co.Ltd from Suito Travel K.K. and Seino Engineering Co., Ltd. for ¥78.9 million in stock on February 17, 2015. Under the terms of the transaction, 2.02 treasury shares of Seino Holdings will be issued per Seino Sangyo share. In related transactions, Seino Holdings also agreed to acquire the remaining stake in its five subsidiaries. Post closing, Seino Sangyo will operate as a wholly owned subsidiary of Seino Holdings. Seino Sangyo had net assets of ¥302 million, total assets of ¥1.19 billion, revenue of ¥2.98 billion, operating profit of ¥71 million and net income of ¥82 million for the year ending March 2014.
The Board of Directors of Seino Holdings passed a resolution for the transaction. The shareholder meeting of Seino Sangyo for share exchange approval is scheduled on March 27, 2015. The expected date of the share exchange is scheduled on April 1, 2015. Ernst & Young Transaction Advisory Services Co., Ltd. provided the share calculations.
SEINO HOLDINGS CO., LTD. is a Japan-based company mainly engaged in the transportation business, automobile sales business, goods sales business, real estate leasing business and other business. The Company operates in four segments. The Transportation segment is engaged in domestic transportation business centered on freight trucking transportation as well as other businesses include air transportation, rail transportation, water transportation, warehousing business, air transport agency business, property insurance agency business and international transportation. The Automobile Sales segment is engaged in the sales and repair of trucks, passenger cars and auto parts. The Goods Sales segment is engaged in the sales of fuel and paper, etc. The Real Estate Leasing segment is engaged in the leasing of assets such as substitute track terminal vacant sites. Other businesses include information related business, administrative agency business, advertising agency business, etc.
Seino Holdings Co., Ltd. signed a share exchange contract to acquire the remaining 20.49% stake in Seino Sangyo Co.Ltd from Suito Travel K.K. and Seino Engineering Co., Ltd. for ¥78.9 million.