Kintetsu Corporation cancelled the acquisition of remaining 19.4% stake in Kinsho Store Co.,Ltd. from Kintetsu Department Store, Co., Ltd..
August 11, 2015 at 12:00 am EDT
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Kintetsu Corporation (TSE:9041) agreed to acquire remaining 19.4% stake in Kinsho Store Co.,Ltd. from Kintetsu Department Store, Co., Ltd. (TSE:8244) on August 11, 2014. Kintetsu Department Store will receive 10.7 shares of Kintetsu Corporation for every share of Kinsho Store. The transaction is subject to approval from shareholders of Kintetsu Corporation to be held on September 18, 2014. For the financial year ending February 28, 2014, Kinsho Store had total assets of ¥18.13 billion, net assets of ¥5.95 billion, sales of ¥58.33 billion, operating profit of ¥125 million and net loss of ¥148 million. The transaction is expected to complete by October 1, 2014. Suzuki Kuniaki CPA Office acted as valuer in the transaction.
Kintetsu Corporation (TSE:9041) cancelled the acquisition of remaining 19.4% stake in Kinsho Store Co.,Ltd. from Kintetsu Department Store, Co., Ltd. (TSE:8244) on August 11, 2015.
Kintetsu Department Store Co., Ltd. is mainly engaged in the department stores, wholesale and retail business, and interior work business. The Company operates four business segments. The Department Stores segment sells clothing products, food products, and operates Tomonokai business. The Wholesale and Retail segment mainly sells food products and imported automobiles. The Interior Work segment engages in interior construction for hotels and commercial facilities. The Other segment engages in transportation business, dispatch business and others.