Oiles Corporation cancelled the acquisition to acquire remaining 17.3% stake in Luby Kogyo Co.,Ltd. from Susumu Abe and Akiko Abe.
March 16, 2018
Share
Oiles Corporation (TSE:6282) concluded a share exchange contract to acquire remaining 17.3% stake in Luby Kogyo Co.,Ltd. from Susumu Abe and Akiko Abe for approximately ¥110 million on March 17, 2017. Under the terms of the transaction, Oiles Corporation will issue 2.3 common shares for every common share of Luby Kogyo Co.,Ltd. representing 0.05 million shares of Oiles Corporation. Susumu Abe will sale 10.8% stake and Akiko Abe will sale 6.5% stake. After the completion of the transaction, Luby Kogyo Co.,Ltd. will became a wholly owned subsidiary of Oiles Corporation. During the year ended March 31, 2016, Luby Kogyo Co.,Ltd. reported sales of ¥1.5 billion, operating profit of ¥22 million, net assets of ¥1.3 billion and total assets of ¥1.5 billion. Kogyo Co.,Ltd. scheduled a shareholder meeting on April 13, 2017 for the approval of share exchange contract. The transaction was resolved by the Board of Oiles Corporation. The transaction is expected to be completed by April 25, 2017.
Oiles Corporation (TSE:6282) cancelled the acquisition to acquire remaining 17.3% stake in Luby Kogyo Co.,Ltd. from Susumu Abe and Akiko Abe on March 17, 2018.
OILES CORPORATION is primarily engaged in the bearing equipment business. It has four business segments. The Bearing Equipment segment is engaged in the development, manufacture and sale of oilless bearings and others. The Structural Equipment segment is engaged in the development, manufacture and sale of support, seismic isolation and vibration suppression equipment, among others. The Construction Equipment segment is involved in the development, manufacture, sale, construction and maintenance of window operators, environmental equipment, and household equipment, among others. The Others segment is engaged in the purchase and sale of conduction equipment and others.
OILES CORPORATION 