Otec Corp. completed the acquisition of Sanyuu Shokai Co., Ltd. from Satoshi Kawakami, Masaru Kawakami, Atsuo Motoi and four other shareholders.
February 25, 2013 at 11:00 pm EST
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Otec Corp. (JASDAQ:1736) signed a letter of intent to acquire Sanyuu Shokai Co., Ltd. from Satoshi Kawakami, Masaru Kawakami, Atsuo Motoi and four other shareholders for ¥40 million on September 24, 2012. Otec Corp will acquire 0.04 million shares of Sanyuu Shokai Co., Ltd. Satoshi Kawakami will sell its 63% stake, Masaru Kawakami will sell its 17% stake and Atsuo Motoi will sell its 15% stake in Sanyuu Shokai Co., Ltd. Otec Corp entered into share transfer contract to acquire Sanyuu Shokai Co., Ltd. from Satoshi Kawakami, Masaru Kawakami, Atsuo Motoi and four other shareholders on December 21, 2012. For the year ending March 2012, Sanyuu Shokai Co., Ltd. reported total assets of ¥350.51 million, net assets of ¥79.26 million, sales of ¥640.5 million, operating profit of ¥5.87 million, ordinary loss of ¥0.85 million and net loss of ¥0.55 million.
The transaction has been resolved by Board of Directors of Otec Corp on September 24, 2012 and on December 21, 2012. The transaction is expected to close on February 26, 2013.
Otec Corp. (JASDAQ:1736) completed the acquisition of Sanyuu Shokai Co., Ltd. from Satoshi Kawakami, Masaru Kawakami, Atsuo Motoi and four other shareholders on February 26, 2013.
OTEC CORPORATION is mainly engaged in the sale of pipe equipment and materials. The Company operates in three business segments. The Pipe Equipment and Material Sales segment is engaged in the purchase and sale of steel pipes, joints, valves, sanitary ware and housing equipment. The Construction segment is engaged in the instrumentation works, electric works and maintenance works for both new and existing buildings. The Environment-related Equipment Sales segment is engaged in the sale of environment-related equipment. As of March 31, 2015, the Company had six subsidiaries, one associated company and one affiliated company.
OTEC CORPORATION 
