Hamakyorex Co., Ltd. agreed to acquire City-Line Co., Ltd. from Toru Taura.
December 16, 2019
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Hamakyorex Co., Ltd. (TSE:9037) agreed to acquire City-Line Co., Ltd. from Toru Taura on December 16, 2019. Hamakyorex Co., Ltd. entered into an agreement to acquire City-Line Co., Ltd. from Toru Taura on December 17, 2019. As per the agreement, Hamakyorex Co., Ltd. will acquire 500 shares representing 100% stake of City-Line Co., Ltd. Post completion, City-Line Co., Ltd. will become wholly owned subsidiary of Hamakyorex Co., Ltd. As of December 17, 2019, Masato Araki will be appointed President and Representative Director. For the period ended December 31, 2018, City-Line Co., Ltd. has reported total assets of ¥ 1.45 billion, net assets of ¥281 million, revenues of ¥2.02 billion, operating income of ¥51 million and net income of ¥47 million. The Board of Directors of Hamakyorex Co., Ltd. has passed the resolution on December 16, 2019. Agreement execution is expected on December 17, 2019. The impact of transaction on Hamakyorex Co., Ltd. 's consolidated results for the fiscal year ending March 31, 2020 will be minor.
HAMAKYOREX CO., LTD. is a Japan-based company mainly engaged in third-party logistics (3PL) concentrated on the logistics center business, as well as freight truck transportation businesses. The Company operates through two business segments. The Distribution Center segment is engaged in center operation business and center delivery business. In addition, the Lorry Trucking segment is engaged in general cargo transportation and special stack cargo transportation business.