Fune Kan Short Course Co., Ltd. cancelled the acquisition of a 61.78% stake in Izu Skyline Country Co., Ltd. from Econach Holdings Co.,Ltd..
July 21, 2016 at 12:00 am EDT
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Fune Kan Short Course Co., Ltd. agreed to acquire a 61.78% stake in Izu Skyline Country Co., Ltd. from Econach Holdings Co.,Ltd. (TSE:3521) for approximately ¥310 million in cash on July 21, 2015. Fune Kan Short Course Co., Ltd. will acquire 0.47 million shares. During the year ended March 2015, Izu Skyline Country Co., Ltd. had net assets of ¥500.72 million, total assets of ¥870.39 million, sales of ¥291.61 million, operating loss of ¥7.04 million, and net loss of ¥45.63 million. Board of Directors of Econach Holdings Co.,Ltd. made a resolution in favor of the transaction on July 21, 2015. The tentative contract conclusion date is August 1, 2015 and the tentative share transfer date is August 3, 2015.
Fune Kan Short Course Co., Ltd. cancelled the acquisition of a 61.78% stake in Izu Skyline Country Co., Ltd. from Econach Holdings Co.,Ltd. (TSE:3521) on July 21, 2016.
ECONACH HOLDINGS CO., LTD. is mainly engaged in operation of hot bath facilities, the trading and leasing of real estate, the planning and sale of embroidery lace and other businesses. The Company operates in three business segments. The Hot Bath segment operates hot bath facilities. The Real Estate segment is engaged in the trading and leasing of real estate. The Textile segment is engaged in the planning, purchasing and sale of embroidery lace.