Autobacs Seven : announces Transfer of Shares of its Consolidated Subsidiary
January 23, 2017 at 01:15 am
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January 23, 2017
AUTOBACS announces Transfer of Shares of its Consolidated Subsidiary
January 23, 2017 (Tokyo, Japan) - AUTOBACS SEVEN Co., Ltd. ("the Company" Representative Director and CEO: Kiomi Kobayashi) announces transfer of all shares held by AUTOBACS SEVEN in its consolidated subsidiary AUTOBACS HOKKAIDO Ltd.("AB HOKKAIDO") to KITANIHON AUTO YOHIN Co., Ltd ("KITANIHON AUTO YOHIN"), a member corporation of the AUTOBACS franchise chain.
Details are as follows:
Purpose of transfer of shares of subsidiary
AUTOBACS Group is aiming to increase market share and improve store profitability by strengthening its franchise chain business in Japan. As part of the effort, the Company decided to consolidate store ownership in Hokkaido area (Hokkaido.), to simplify the operational structure and increase area competitiveness and management efficiency.
Outline of transfer of shares of subsidiary
KITANIHON AUTO YOHIN, which is one of the Company's franchisees, is taking over all shares of AUTOBACS FUKUOKA from AUTOBACS SEVEN effective February 1, 2017 (scheduled date).
Overview of the transferor company As of January 23, 2017
(1)
Company name:
AUTOBACS HOKKAIDO Ltd. (AB HOKKAIDO)
(2)
Location:
Sapporo city, Hokkaido
(3)
Representative:
Yoshiki Tateuchi
(4)
Line of business:
Retail of car goods and services (Operation of 17 AUTOBACS stores)
(5)
Capital:
JPY 100 million
(6)
Established:
August 1980
(7) Present relationship between AUTOBACS HOKKAIDO and the Company:
Capital relationship
The Company holds 100% of all outstanding shares of AUTOBACS HOKKAIDO
Personnel relationship
An Auditor of AUTOBACS HOKKAIDO has been delegated from the Company.
Business relationship
AUTOBACS HOKKAIDO and the Company have concluded AUTOBACS franchise agreement, AUTOBACS CARS franchise basic agreement, AUTOBACS CARS franchise agreement and merchandise sale and purchase agreement.
Overview of the transferee Company As of January 23, 2017
(1) Company name:
KITANIHON AUTO YOHIN Co., Ltd (KITANIHON AUTO YOHIN)
(2) Location:
Sapporo city,Hokkaido
(3) Representative:
Fumihiko Murayama
(4) Line of business:
Retail of car goods and services (Operation of eight AUTOBACS stores) *
(5) Capital:
JPY 10 million
(6) Established:
October 1989
(7) Present relationship between KITANIHON AUTO YOHIN and the Company:
Capital relationship
No relevant items
Personnel relationship
No relevant items
Business relationship
KITANIHON AUTO YOHIN and the Company have concluded AUTOBACS franchise agreement, AUTOBACS CARS franchise basic agreement, AUTOBACS CARS franchise agreement and merchandise sale and purchase agreement.
Third-party relationship
KITANIHON AUTO YOHIN and the Company have not concluded a third-party relationship.
Number of shares to be transferred and Number of shares held before and after the transfer
(1) Number of shares held before the transfer
6,700 shares (Shareholding ratio: 100%)*
(2) Number of shares to be transferred
6,700 shares (Shareholding ratio: 100%)
(3) Number of shares held after the transfer
0 shares (Shareholding ratio: 0%)
Scheduled transfer date
Date of the decision made: January 23, 2017
Scheduled date of agreement: January 23, 2017
Scheduled date of transfer: February 1, 2017
Effect on performance
The influence of this transaction on AUTOBACS SEVEN's consolidated financial performance is assumed to be low.
Disclaimer: Please note that this document is a summary translation of the Japanese press release and prepared for reference purposes only. We do not assure the correctness or completeness of this summary translation. Please note that this summary translation may be amended without notice, or be pulled from our website for such amendment purpose, etc., at our own discretion.
Autobacs Seven Co. Ltd. published this content on 23 January 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 January 2017 06:15:06 UTC.
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Autobacs Seven Co Ltd is a Japan-based company primarily engaged in the retail and wholesale of automobile products, the purchase and sale of vehicles, the provision of vehicle inspection and maintenance services, as well as the loan credit business. The Company operates in four segments. The Domestic Autobacs segment is engaged in the wholesale of car products and the leasing of store facilities. The Overseas segment is engaged in the sales of car accessories, the provision of installation service and the maintenance of cars to general consumers. The Car, Dealers and B-to-B segment is engaged in the sales of imported cars, the purchase of used cars and the sales of the cars to second hand car dealers and others. The Others segment is engaged in the leasing business to domestic franchise chain affiliates.
AUTOBACS SEVEN CO., LTD. 
