Seiko Holdings Corporation completed the acquisition of remaining 61.9% stake in Shirakawa Estate, K.K. from Sanko Kigyo Co., Ltd., Kyobashi Kigyo Co., Ltd., Hirotaka Hattori, Hidenori Hattori and others.
January 31, 2012
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Seiko Holdings Corporation (TSE:8050) signed an exchange agreement to acquire remaining 61.9% stake in Shirakawa Estate, K.K. from Sanko Kigyo Co., Ltd., Kyobashi Kigyo Co., Ltd., Hirotaka Hattori, Hidenori Hattori and others for ¥2.7 billion on November 13, 2012. Sanko Kigyo K.K. will sell 28.9% stake, Kyobashi Kigyo K.K. will sell 14% stake, Hirotaka Hattori will sell 4.8% and Hidenori Hattori will sell 4.8% stake. Under the terms of the transaction, for every common share of Shirakawa Estate, 11 common shares of Seiko Holdings will be allotted. In a related transaction, Seiko Holdings Corp. signed an exchange agreement to acquire the remaining 24.4% stake in Kyobashi Kigyo Co., Ltd. from Hideo Hattori, Koichiro Hattori, Joji Hattori, Honnao Hattori and others for ¥13.7 billion in stock on November 13, 2012. A total of 20.46 million shares of Seiko Holdings Corp. as consideration for the transactions.
For the financial year ending March 31, 2012, Shirakawa Estate had net assets of ¥4.8 billion, total assets of ¥4.82 billion, sales of ¥172 million, operating profit of ¥53 million and net profit of ¥22 million. The transaction was approved by Board of Directors of Seiko Holdings Corp. and Shirakawa Estate. The transaction is not subject to approval from shareholders' committee of Seiko Holdings Corporation, however it should obtain approval in extraordinary shareholders' meetings of Shirakawa Estate to be held on November 30, 2012. The transaction is expected to close by January 1, 2013.
Seiko Holdings Corporation (TSE:8050) completed the acquisition of remaining 61.9% stake in Shirakawa Estate, K.K. from Sanko Kigyo Co., Ltd., Kyobashi Kigyo Co., Ltd., Hirotaka Hattori, Hidenori Hattori and others on January 1, 2013.
Seiko Group Corp is a Japan-based company mainly engaged in the operation of watch business, electronic device business and system solution business. The Company operates through three business segments. The Watch segment is engaged in the manufacture, wholesale and retail of watches and watch movements, as well as watch repair and after-sales service. The Electronic Device segment is engaged in the manufacture and sale of crystal oscillators, batteries and materials, printers, and precision parts. The System Solution segment is engaged in the manufacture and sale of products related to wireless communication equipment, information network systems, and data services. The Company also operates the time creation and wako business, including the sale of equipment clocks and sports timing equipment, the development manufacture, sale, repair and after-sales service of clocks, the retail of luxury jewelry, apparel and miscellaneous goods, and real estate leasing business.
SEIKO GROUP CORPORATION 
