Chuetsu Pulp & Paper Co., Ltd. cancelled the acquisition of the remaining 2.79% stake in Chuetsu Package Co., Ltd.
May 30, 2013 at 12:00 am EDT
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Chuetsu Pulp & Paper Co., Ltd. (TSE:3877) signed a share exchange contract to acquire the remaining 2.79% stake in Chuetsu Package Co., Ltd. for ¥13.6 million on May 30, 2012. Under the terms of the contract, Chuetsu Pulp will allocate its 9.15 common shares for every common share of Chuetsu Package. Chuetsu Pulp will issue its treasury shares as consideration. Post completion, Chuetsu Package will become wholly owned subsidiary of Chuetsu Pulp. For the fiscal year ended March 31, 2012, Chuetsu Package reported net assets of ¥1.76 billion, total assets of ¥6.24 billion, sales of ¥7.89 billion, operating profit of ¥46 million, and net income of ¥4 million. The transaction was resolved by the Board of Directors of Chuetsu Pulp and Chuetsu Package on May 30, 2012. The transaction is expected to close on August 1, 2012. ZECOO Partners, Inc. acted as third party appraiser to Chuetsu Package to evaluate its shares.
Chuetsu Pulp & Paper Co., Ltd. (TSE:3877) cancelled the acquisition of the remaining 2.79% stake in Chuetsu Package Co., Ltd. on May 30, 2013.
Chuetsu Pulp & Paper Co.,Ltd. is a company mainly engaged in the manufacture and sale of paper and pulp. The Company operates in two business segments. The Paper and Pulp Manufacturing segment manufactures and sells various paper products, such as newsprint paper, printing paper, packing paper, special paper, paperboards, processed products and pulp, among others. The Power Generation segment sells electricity. The Others segment is engaged in business activities include manufacture and sale of cellulose nanofiber related products, paper bags, paper tubes, cardboard, notebooks, and other paper products; afforestation and greening business; pharmaceutical manufacturing business; paper tube processing; paper cutting and sorting packaging; mechanical equipment design construction and repair; transportation of pulp and paper and other raw materials; manufacturing, purchasing and sale of wood chips; insurance agency; industrial waste treatment, and among others.