Oiles Corporation cancelled the acquisition of remaining 7% stake in Oiles Nishi Nihon Hanbai Co.,Ltd. from an individual.
February 21, 2020
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Oiles Corporation (TSE:6282) signed a contract to acquire remaining 7% stake in Oiles Nishi Nihon Hanbai Co.,Ltd. from an individual for ¥21.7 million on February 22, 2019. Oiles Corporation will allot 1.73 common shares in exchange for every common share of Oiles Nishi Nihon Hanbai, issuing a total of 0.01 million shares. Oiles Nishi Nihon will operate as a wholly owned subsidiary of Oiles Corporation after the deal. For the period ending March 31, 2018, Oiles Nishi Nihon reported total assets of ¥2.1 billion, net assets of ¥971 million, revenue of ¥2.7 billion, operating profit of ¥62.8 million and net profit of ¥46.8 million. Board of Oiles Corporation and Oiles Nishi Nihon Hanbai resolved and approved in favor of the deal. Deal is expected to close by March 26, 2019.
Oiles Corporation (TSE:6282) cancelled the acquisition of remaining 7% stake in Oiles Nishi Nihon Hanbai Co.,Ltd. from an individual on February 22, 2020.
OILES CORPORATION is primarily engaged in the bearing equipment business. It has four business segments. The Bearing Equipment segment is engaged in the development, manufacture and sale of oilless bearings and others. The Structural Equipment segment is engaged in the development, manufacture and sale of support, seismic isolation and vibration suppression equipment, among others. The Construction Equipment segment is involved in the development, manufacture, sale, construction and maintenance of window operators, environmental equipment, and household equipment, among others. The Others segment is engaged in the purchase and sale of conduction equipment and others.
OILES CORPORATION 
