Kyokuto Boeki Kaisha, Ltd. cancelled the acquisition of 67.3% stake in Sanei Tsusho YK from Yuki Eto and Kan Eto.
March 23, 2016 at 12:00 am EDT
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Kyokuto Boeki Kaisha, Ltd. (TSE:8093) concluded a contract to acquire 67.3% stake in Sanei Tsusho YK from Yuki Eto and Kan Eto for approximately ¥870 million on March 23, 2015. Under the terms of the deal, Kyokuto Boeki Kaisha will acquire 0.01 million shares. In a related transaction, Kyokuto Boeki Kaisha, Ltd. (TSE:8093) concluded a contract to acquire 50.8% stake in Eto Corporation from Yuki Eto, Kan Eto and Naoto Nakamura for ¥6.3 billion in cash on March 23, 2015. For the period ended June, 2014, Sanei Tsusho YK had net assets of ¥105 million, total assets of ¥105 million, net sales of ¥11 million, operating income of ¥10 million, ordinary income of ¥10 million and net income of ¥9 million. The transaction was resolved by Board of directors of Kyokuto Boeki Kaisha on March 23, 2015. The transaction is expected to close on May 1, 2015.
As of August 18, 2015, Kyokuto Boeki Kaisha secured a loan of ¥13.5 billion from The Bank of Tokyo-Mitsubishi UFJ, Ltd to fund the transaction.
Kyokuto Boeki Kaisha, Ltd. (TSE:8093) cancelled the acquisition of 67.3% stake in Sanei Tsusho YK from Yuki Eto and Kan Eto on March 23, 2016.
Kyokuto Boeki Kaisha, Ltd. is a Japan-based company engaged in the trading business. The Basic Industry Related division provides machinery and equipment for steel, nonferrous metals, automobile, chemicals, shipbuilding and plant engineering industries, electrical machinery, oil drilling related equipment and resources development equipment. The Electronics and Control System Related division offers electronic components and equipment, software, instrumentation and control systems, image processors, ground support electronic equipment and navigation equipment, as well as automatic control devices for thermal power stations. The Industrial Materials division provides combined material manufacturing machinery, as well as machines for textile processing, meat processing, resin finishing, coating, measurement and analysis, among others. As of March 31, 2014, the Company had 11 subsidiaries and eight associated companies.