Adways Inc. completed the acquisition of 13.8% stake in VC Internet Media Private Limited from Tarang Bhargava.
April 30, 2013 at 12:00 am
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Adways Inc. (TSE:2489) agreed to acquire 13.8% stake in VC Internet Media Private Limited from Tarang Bhargava on October 31, 2012. Adways, Inc. entered into the contract concerning 13.8% stake of VC Internet Media Private Limited from Tarang Bhargava on March 29, 2013. Adways will acquire a total of 66% stake in VC Internet Media in several stages for $2.5 million. For the period ending March 2012, VC Internet Media Private Limited reported net sales of ¥120 million ($1.46 million), net income of ¥10 million ($0.12 million), net assets of ¥11 million ($0.13 million) and total assets of ¥49 million ($0.6 million). The share transfer agreement is scheduled to be concluded by March 31, 2013. The transaction was resolved by Board of Directors of Adways Inc. Board of Directors of Adways resolved the contract for the acquisition of 13.8% stake on March 29, 2013. As of March 29, 2013, the transaction is expected to close on Mid-April 2013. it has been decided in the Adways Inc.'s Board of Directors meeting on December 27, 2013, that Adways Inc. will forgo making VC Internet Media Private Limited a subsidiary. The currency conversion for financials was done through www.oanda.com as at March 31, 2012.
Adways Inc. (TSE:2489) completed the acquisition of 13.8% stake in VC Internet Media Private Limited from Tarang Bhargava in April 2013.
Adways Inc. is primarily engaged in providing Internet advertising service. The Advertising segment is engaged in connecting advertisers of Website operators, content providers and smart-phone app developers, to advertising media of Websites, game apps and other media, through the Companyâs advertising system. The Apps and Media segment is engaged in developing and operating smart-phone apps and other media. The Overseas segment is engaged in providing support service of Internet marketing for local and foreign companies overseas mainly in China, and also in providing smart-phone app advertising service.