Akatsuki Financial Group, Inc. cancelled the acquisition of remaining 0.1% stake in Akatsuki Securities, Inc. from Masahiro Kawanaka.
February 24, 2017
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Akatsuki Financial Group, Inc. (TSE:8737) concluded a contract to acquire the remaining 0.1% stake in Akatsuki Securities, Inc. from Masahiro Kawanaka for ¥6.4 million in stock on February 25, 2016. The exchange ratio is 1:0.364. Akatsuki Financial Group, Inc. will issue 0.02 million shares as consideration. After the transaction, Akatsuki Securities, Inc. will operate as a wholly owned subsidiary of Akatsuki Financial Group, Inc. Akatsuki Securities, Inc. reported revenues of ¥4.85 billion, operating income of ¥1.22 billion and net income of ¥869 million for the year ending March 31, 2015. Akatsuki Securities, Inc. reported net assets of ¥5.08 billion and total assets of ¥15.89 billion as of December 31, 2015. The transaction is not subject to approval of shareholders' of Akatsuki Financial Group, Inc. and Akatsuki Securities. The Board of Directors passed a resolution for the transaction on February 25, 2016. The transaction is expected to close on March 18, 2016. Varick Investment Advisory Inc. acted as the third party appraiser and Mitsui Company acted as the legal advisor to Akatsuki Financial Group, Inc.
Akatsuki Financial Group, Inc. (TSE:8737) cancelled the acquisition of remaining 0.1% stake in Akatsuki Securities, Inc. from Masahiro Kawanaka on February 25, 2017.
Akatsuki Corp. is a holding company primarily engaged in securities business and real estate related business. The Company operates in two segments. The Securities segment is engaged in the buying and selling, agency and brokerage, underwriting, issuing, and subscription of securities. The Real Estate-related segment mainly manages assets related to buying and selling real estate, leasing, and investing in real estate related financial products. The segment includes used real estate revitalization and renovation, asset management for the elderly housing business, investment advisory services centered on real estate transactions, investment management, and trunk room operations.