Intrance Co., Ltd. cancelled the acquisition of Hasuda Shopping Center Co., Ltd from Kazuo Kiyoyama and 17 other individuals.
November 04, 2016
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Intrance Co., Ltd. (TSE:3237) concluded a basic agreement to acquire Hasuda Shopping Center Co., Ltd from Kazuo Kiyoyama and 17 other individuals for ¥2.3 billion on November 5, 2015. A final agreement is expected to be concluded in late November 2015. Intrance Co., Ltd will acquire 0.11 million shares of Hasuda Shopping Center. Kazuo Kiyoyama will sell 5.6% stake and the other individual shareholders' will sell 94.4% stake. As on December 10, 2015, a share transfer contract was concluded. Intrance Co., Ltd. borrowed capital amounting to ¥2.19 billion from Resona Bank, Ltd. for the acquisition of shares. After the transaction, Hasuda Shopping Center Co., Ltd will operate as a subsidiary of Intrance Co., Ltd. Hasuda Shopping Center Co., Ltd reported net assets of ¥1.99 billion, total assets of ¥2.16 billion, sales of ¥159 million, operating profit of ¥112 million and net income of ¥72 million during the year ending March 2015. The Board of Intrance Co., Ltd passed a resolution for the transaction on November 5, 2015. The transaction is expected to complete in late November 2015. As on December 10, 2015, the transaction is now expected to complete on December 14, 2015.
Intrance Co., Ltd. (TSE:3237) cancelled the acquisition of Hasuda Shopping Center Co., Ltd from Kazuo Kiyoyama and 17 other individuals on November 5, 2016.
INTRANCE CO., LTD. is a company principally engaged in real estate regeneration activities. The Company operates in two business segments. The Principal Investment business is engaged in purchase and sales of real estate by own account, and various development projects by JV. The Company operates real estate rehabilitation projects targeting a wide range of second-hand properties such as commercial buildings, office buildings and residences throughout the country. The Solution segment is engaged in rent revenue from real estate management, managed revenue by acquisition of real estate, commission income by real estate brokerage and consulting business. The other business is engaged in the operation and plan of the herb garden through subsidiary.