Otec Corp. completed the acquisition of an additional 19.67% stake in Kyushu O-Tec Corporation from Sumie Kataoka, Shuichiro Matsumoto, Shohachiro Murakami and Tomoyuki Uryu.
March 31, 2013 at 12:00 am EDT
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Otec Corp. (JASDAQ:1736) concluded a share transfer contract to acquire an additional 19.67% stake in Kyushu O-Tec Corporation from Sumie Kataoka, Shuichiro Matsumoto, Shohachiro Murakami and Tomoyuki Uryu for ¥5.9 million on January 16, 2012. Otec Corp. will acquire 11,800 shares. Sumie Kataoka will sell 5000 shares, Shuichiro Matsumoto will sell 4150 shares, Shohachiro Murakami will sell 2250 shares and Tomoyuki Uryu will sell 400 shares. Upon completion of the deal, Otec Corp. will hold 30,550 shares amounting to 50.91% stake. Kyushu O-Tec Corporation reported net assets of ¥0.11 million, total assets of ¥0.24 million, sales of ¥0.33 million, operating loss, current loss and net loss of ¥0.01 million for the year ending February 2011. The Board of Directors of Otec Corp. passed a resolution for the transaction on January 16, 2012 and the transaction is expected to be completed on January 20, 2012.
Otec Corp. (JASDAQ:1736) completed the acquisition of an additional 19.67% stake in Kyushu O-Tec Corporation from Sumie Kataoka, Shuichiro Matsumoto, Shohachiro Murakami and Tomoyuki Uryu during the year ended March 31, 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 Corp. completed the acquisition of an additional 19.67% stake in Kyushu O-Tec Corporation from Sumie Kataoka, Shuichiro Matsumoto, Shohachiro Murakami and Tomoyuki Uryu.
OTEC CORPORATION 
