Brother Industries, Ltd. cancelled the acquisition of remaining 0.03% stake in XING Inc.
December 18, 2017
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Brother Industries, Ltd. (TSE:6448) signed a share exchange agreement to acquire remaining 0.03% stake in XING Inc. for ¥13.8 million on December 19, 2016. Brother Industries will issue 0.28 shares for each share of XING. Brother Industries will issue 6440 shares in total. XING reported total revenue of ¥39.02 billion, total assets of ¥26.7 billion, operating loss of ¥307 million and net assets of ¥8.8 billion for the year ending March 31, 2016. The transaction was approved by the Board of XING and Brother Industries on December 19, 2016 and December 26, 2016 respectively. Conclusion date of share exchange agreement is December 26, 2016 and scheduled date of share exchange is April 1, 2017. The transaction is expected to have negligible impact on the consolidated results for the term ending, March 31, 2017.
Brother Industries, Ltd. (TSE:6448) cancelled the acquisition of remaining 0.03% stake in XING Inc. on December 19, 2017.
Brother Industries Ltd is a Japan-based company mainly engaged in the manufacture and sale of office equipment and supplies. The Company operates in six business segments. The Printing and Solutions segment manufactures and sells communication and printing equipment like printers, multifunction devices and electronic stationery, among others. The Personal and Home segment is engaged in the manufacture and sale of household sewing machines. The Machinery segment manufactures and sells industrial sewing machines, garment printer, machine tools, reducers and gears, among others. The Network and Contents segment is involved in the manufacture, sale and service of commercial karaoke equipment, as well as the provision of contents delivery services. The Domino segment is engaged in the manufacture and sale of industrial printing equipment. The Others segment is involved in the real estate business.
BROTHER INDUSTRIES, LTD. 
