Seah Chye Tian agreed to acquire 80% stake in GDLH Pte. Ltd. from Gendai Agency Inc. for $400.
March 18, 2020
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Seah Chye Tian agreed to acquire 80% stake in GDLH Pte. Ltd. from Gendai Agency Inc. (JASDAQ:2411) for $400 on March 19, 2020. GDLH Pte. Ltd. had total assets of $1.96 million, net assets of $0.15 million, sales of $0.54 million, operating loss of $1.38 million and net loss of $2.6 million in year 2019. The resolution date for Board of Directors of Gendai Agency is March 19, 2020. The planned signing date for share transfer agreement is March 23, 2020. The planned execution of share transfer is during March 2020. As part of measures against the new coronavirus, new entry restrictions have been imposed on Singapore from March 16, 2020 in year 2020. Gendai Agency is preparing various procedures for the completion of the share transfer in March in year 2020. However, due to the effect of the immigration restrictions, there may be delays in the originally planned procedures. In that case, the share transfer may not be completed by the end of March. Therefore, if the schedule is postponed in the future, additional disclosure will be made promptly. If the deal is completed as scheduled by the end of March this year, Gendai Agency expects to record certain non-operating expenses and extraordinary losses in the consolidated and non-consolidated financial statements for the fiscal year ending March 2020.
Gendai Agency Inc is a Japan-based advertising company specializing in pachinko halls. The Company operates in two business segments. The Advertising segment is involved in the planning and production of advertising for pachinko halls. The advertising contents include the planning and operation of newspaper inserts, direct mails, printed materials, such as posters and pop items for decoration inside and outside the store, novelties, advertisements using mass media and store events, the planning and production of promotional videos, as well as design production commissions. The Real Estate segment is involved in the real estate leasing and brokering business for pachinko halls. The Company is also engaged in the development of casino operation business in Southeast Asia, storage business, and camper rental business.