Qin Liu and Guirong Fu completed the acquisition of Shenyang Takes Precision Machinery Technology Co., Ltd. from Tokyo Koki Co. Ltd..
September 18, 2013 at 09:30 am IST
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Qin Liu and Guirong Fu agreed to acquire Shenyang Takes Precision Machinery Technology Co., Ltd. from TAKES GROUP LTD. (TSE:7719) for approximately ¥110 million on June 13, 2013. Qin Liu will acquire 80% stake in Shenyang Takes Precision for ¥90.06 million and Guirong Fu will acquire 20% stake for ¥22.52 million. As per the terms of the deal, TAKES GROUP will split the business of manufacture and sale of millwork from Shenyang Takes Precision Machinery Technology to a new entity and then sell the 100% stake in Shenyang Takes Precision Machinery Technology. Qin Liu and Guirong Fu entered into share transfer contract to acquire Shenyang Takes Precision Machinery Technology Co., Ltd. from TAKES GROUP on August 20, 2013. Shenyang Takes Precision Machinery reported sales of ¥13 million, total assets of ¥101 million and operating loss of ¥24 million for the year ended December 31, 2012. The transaction was resolved by the Board of Directors of TAKES GROUP on June 13, 2013. The transaction contract is expected to be entered on June 13, 2013. The Chinese government authorization date is scheduled in late June, 2013. The transaction is expected to be completed in late June, 2013. As of July 1, 2013, the transaction completion is expected to be completed in the middle of August 2013. An extraordinary profit due to the sale is expected by TAKES GROUP in the consolidated fiscal year for the period ending February, 2014.
Qin Liu and Guirong Fu completed the acquisition of Shenyang Takes Precision Machinery Technology Co., Ltd. from Tokyo Koki Co. Ltd. (TSE:7719) on September 18, 2013. Chinese authorities approved the transaction on September 18, 2013.
TOKYO KOKI CO. LTD., is a Japan-based company primarily engaged in the testing equipment business, engineering business, overseas business and others. The Company has three business segments. The Testing Equipment segment is engaged in the manufacture, sale, import, conduct testing and maintenance of testing and measuring equipment. The Engineering segment includes the fastener business, which outsources manufacturing to domestic manufacturers and sells products, and the life business, which works with subsidiaries and business partners. The segment is mainly engaged in the provision of hyper road spring products. The Overseas segment is engaged in the manufacture and sale of plastic injection molded products, such as office furniture parts, automotive parts and home appliance parts, as well as injection molds. The Company is also engaged in the real estate leasing business.