Sanrin Co., Ltd. entered into a contract to acquire remaining 30% stake in Kamiina Gas Fuel Co., Ltd. from Ina Fuel Co., Ltd. for ¥31.5 million.
November 07, 2019
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Sanrin Co., Ltd. (JASDAQ:7486) entered into a contract to acquire remaining 30% stake in Kamiina Gas Fuel Co., Ltd. from Ina Fuel Co., Ltd. for ¥31.5 million on November 8, 2019. Sanrin will issue 40485 shares at an exchange ratio of 26.99 per Kamiina share. Kamiina Gas Fuel will be dissolved in an absorption-type merger with Sanrin as the surviving company. The share exchange agreement is expected to be signed on November 11, 2019. As at March 31, 2019, Kamiina Gas had net assets of ¥99 million and total assets of ¥141 million. For the year ended March 31, 2019, Kamiina Gas had sales of ¥28 million, operating income of ¥2 million and net income of ¥1 million. The Share Exchange and the Merger are scheduled to be approved at Kamiina Gas Fuel's Board of Directors and extraordinary shareholders meeting scheduled to be held on November 11, 2019. Scheduled date of share exchange is December 1, 2019. Kamiina Gas Fuel is already a consolidated subsidiary of Sanrin, so the impact of the share exchange on the Sanrin’s business results will be minimal.
SANRIN CO.,LTD. is a Japan-based company mainly engaged in the energy related business. The Company operates through four business segments. The Energy Related segment is mainly engaged in the purchase and sale of petroleum, liquefied petroleum (LP) gas, general high-pressure gas, charcoal, solar power generation systems and housing equipment, as well as the insurance agency business. The Ice Making segment is mainly engaged in the manufacture and sale of ice. The Fruit and Vegetable segment is mainly engaged in the purchase and sale of vegetables and fruits. The Real Estate segment is mainly engaged in the building lots and buildings transaction business. The Company is also engaged in the transportation business, the construction business, as well as the management and rental of LP gas related equipment.
SANRIN CO., LTD. 
