Mie Kotsu Group Holdings, Inc. cancelled the acquisition of remaining 40% stake in Sanco Creative Life Co., Ltd. from Nagoya Broadcasting Network Co., Ltd., Mie Kotsu Shoji Co., Ltd, Central Park Annex Co., Ltd., and Central Park Co., Ltd.
January 29, 2014 at 11:00 pm
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Mie Kotsu Group Holdings, Inc. (NSE:3232) entered into share exchange contract to acquire remaining 40% stake in Sanco Creative Life Co., Ltd. from Nagoya Broadcasting Network Co., Ltd., Mie Kotsu Shoji Co., Ltd, Central Park Annex Co., Ltd., and Central Park Co., Ltd., for approximately ¥400 million in stock on January 30, 2013. Mie Kotsu Group Holdings, Inc. will allocate 406 shares for each share of Sanco Creative Life Co., Ltd. and will issue 1.56 million shares to Sanco Creative Life Co., Ltd. Nagoya Broadcasting Network Co., Ltd will sell 16.6% stake, Mie Kotsu Shoji Co., Ltd will sell 10% stake, Central Park Annex Co., Ltd. will sell 6.7% stake, and Central Park Co., Ltd. will sell 6.7% stake in Sanco Creative. Mie Kotsu Group Holdings, Inc. will operate Sanco Creative Life Co., Ltd. as its wholly owned subsidiary.
For the year ending March 2012, Sanco Creative Life Co., Ltd. had net assets of ¥1.67 billion, total assets of ¥3.21 billion, sales of ¥12.71 billion, operating profit of ¥148 million, current profit of ¥161 million, and net income of ¥82 million. Board of Directors of Mie Kotsu Group Holdings, Inc. and Sanco Creative Life Co., Ltd. approved the transaction on January 30, 2013. The tentative date for the approval of the share exchange by the shareholding commission of Sanco Creative Life is February 20, 2013. The transaction is expected to close on March 1, 2013. Brain Partner Co., Ltd. acted as third party appraiser.
Mie Kotsu Group Holdings, Inc. (NSE:3232) cancelled the acquisition of remaining 40% stake in Sanco Creative Life Co., Ltd. from Nagoya Broadcasting Network Co., Ltd., Mie Kotsu Shoji Co., Ltd, Central Park Annex Co., Ltd., and Central Park Co., Ltd. on January 30, 2014.
Mie Kotsu Group Holdings, Inc. is a Japan-based holding company. The Transportation segment is involved in bus, taxi and railway transportation businesses, as well as leasing of asset. The Real Estate segment is involved in the sale, brokerage, leasing, appraisal and management of real estate, as well as construction of house. The Distribution segment is involved in sale of petroleum product, daily goods, truck and bus. The Leisure and Service segment is involved in travel placement, the operation of Japanese-style hotel, business hotel, drive-in, ropeway, golf course and driving school.
Mie Kotsu Group Holdings, Inc. cancelled the acquisition of remaining 40% stake in Sanco Creative Life Co., Ltd. from Nagoya Broadcasting Network Co., Ltd., Mie Kotsu Shoji Co., Ltd, Central Park Annex Co., Ltd., and Central Park Co., Ltd.
MIE KOTSU GROUP HOLDINGS, INC. 
