Seino Holdings Co., Ltd. cancelled the acquisition of remaining 50% stake in Seino Engineering Co., Ltd. from Suito Travel K.K., Seino Sangyo Co.Ltd, Taguchi Fukujukai Foundation, Endowment Arm, Yoshitaka Taguchi, and others.
February 16, 2016 at 11:00 pm
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Seino Holdings Co., Ltd. (TSE:9076) entered into an agreement to acquire remaining 50% stake in Seino Engineering Co., Ltd. from Suito Travel K.K., Seino Sangyo Co.Ltd, Taguchi Fukujukai Foundation, Endowment Arm, Yoshitaka Taguchi, and others for approximately ¥440 million in stock on February 17, 2015. Under the terms of agreement, 17.35 shares of Seino Holdings will be issued per Seino Engineering share. In related transactions, Seino Holdings also agreed to acquire the remaining stake in its five subsidiaries. Seino Engineering recorded net assets of ¥1784 million, total assets of ¥7146 million, operating profit of ¥131 million, net income of ¥118 million, and revenues of ¥4841 million in the year ended March 31, 2014. Extraordinary shareholders' meeting of Seino Engineering on the approval of the share exchange will be held on March 27, 2015. The transaction is expected to close on April 1, 2015. Ernst & Young Transaction Advisory Services Co., Ltd. provided the share calculations.
Seino Holdings Co., Ltd. (TSE:9076) cancelled the acquisition of remaining 50% stake in Seino Engineering Co., Ltd. from Suito Travel K.K., Seino Sangyo Co.Ltd, Taguchi Fukujukai Foundation, Endowment Arm, Yoshitaka Taguchi, and others on February 17, 2016.
SEINO HOLDINGS CO., LTD. is a Japan-based company mainly engaged in the transportation business, automobile sales business, goods sales business, real estate leasing business and other business. The Company operates in four segments. The Transportation segment is engaged in domestic transportation business centered on freight trucking transportation as well as other businesses include air transportation, rail transportation, water transportation, warehousing business, air transport agency business, property insurance agency business and international transportation. The Automobile Sales segment is engaged in the sales and repair of trucks, passenger cars and auto parts. The Goods Sales segment is engaged in the sales of fuel and paper, etc. The Real Estate Leasing segment is engaged in the leasing of assets such as substitute track terminal vacant sites. Other businesses include information related business, administrative agency business, advertising agency business, etc.