Shinwa Wise Holdings Co., Ltd. concluded a share transfer agreement to acquire 18.37% stake in registART Inc. from ART iT Co., Ltd. for ¥37.6 million.
March 19, 2018
Share
Shinwa Wise Holdings Co., Ltd. (JASDAQ:2437) concluded a share transfer agreement to acquire 18.37% stake in registART Inc. from ART iT Co., Ltd. for ¥37.6 million on March 20, 2018. Shinwa Wise Holdings Co., Ltd. will acquire 45 shares of registART Inc. Shinwa Wise Holdings Co., Ltd. will make the payment on March 22, 2018. Prior to the transaction, Shinwa Wise Holdings Co., Ltd. held no stake and after the transaction, Shinwa Wise Holdings Co., Ltd will hold 18.37% stake in registART Inc.
registART Inc. reported net assets of ¥8.56 million and total assets of ¥8.6 million as at December 31, 2017. The Board of Directors of Shinwa Wise Holdings Co., Ltd. passed a resolution for the transaction on March 20, 2018. The Board of Directors of registART Inc. approved the transaction.
Shinwa Wise Holdings Co Ltd is a Japan-based company mainly engaged in auction related business and energy related business. It has two business segments. Art related segment is divided into auction business and private sale and other business. Auction business holds modern art auctions, modern ceramic art auctions and modern art Part II auctions according to the works and price ranges handled. It also holds auctions of postwar and contemporary art, Western art, wine and liquor, MANGA, brand miscellaneous goods, watches, jewelry and others. Private sales and other businesses mainly involve in private sales of asset defense diamonds as well as paintings, which are negotiated transactions other than auctions. The Other Business segment is engaged in the electricity sales business of solar power generation facilities. In Malaysia, the Company is also engaged in the sales business of palm kernel shells (PKS), which are used as fuel for biomass power generation.