Boryszew S.A. completed the acquisition of 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd., Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. and Tensho Electric Industries Co., Ltd..
June 17, 2014 at 12:00 am EDT
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Boryszew S.A. (WSE:BRS) signed a letter of intent to acquire 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd. (TSE:8031), Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. (TSE:6964) and Tensho Electric Industries Co., Ltd. (TSE:6776) for 10.6 million on March 21, 2014. Boryszew will pay 1.6 million for 0.136 million shares and 9 million for the debt of Tensho Poland Corporation. For the year ending December 2013, Tensho Poland Corporation had net assets of PLN 24.71 million (5.95 million) and sales of PLN 45.85 million (11.05 million). The conversions have been done from www.oanda.com as of December 31, 2013.
As of April 18, 2014, Boryszew SA singed a conditional purchase agreement to buy 80% of shares Tensho Poland Corporation. On June 17, 2014, Boryszew SA singed a definitive agreement on the purchase of 80% shares of Tensho Poland Corporation.
Boryszew S.A. (WSE:BRS) completed the acquisition of 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd. (TSE:8031), Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. (TSE:6964) and Tensho Electric Industries Co., Ltd. (TSE:6776) on June 17, 2014. Tensho Electric Industries sold 0.02 million shares, Mitsui & Co. Limited sold 0.04 million shares, Mitsui & Co. Deutschland sold 0.02 million shares and Sanko Corp sold 0.05 million shares of Tensho Poland Corporation. Boryszew S.A. will be entitled, within 2 years from the date of concluding the agreement, call option of the remaining 34000 shares constituting 20% of Tensho Poland Corporation's share capital for the amount of 0.4 million. At the same time, Tensho Electric Industries Co. Ltd. and Sanko Corp. Ltd. will be entitled to put option of 34000 shares of Tensho Poland Corporation's share capital for the amount of 0.4 million.
Tensho Electric Industries Co., Ltd. is a Japan-based company mainly engaged in the manufacture and sale of automotive parts, logistics industry materials, mechanical parts and molds, as well as the real estate-related businesses. The Company operates through four business segments. The Japan Molding segment is engaged in the manufacture and sale of automotive parts, logistics industry materials, mechanical parts and molds. The China Molding segment is engaged in the manufacture and sale of logistics industry materials, mechanical parts and dies. The American Molding segment is engaged in the manufacture and sale of mechanical parts and dies. The Real Estate segment is mainly engaged in the leasing of buildings.
Boryszew S.A. completed the acquisition of 80% stake in Tensho Poland Corporation Sp. z o.o. from Mitsui & Co. Ltd., Mitsui & Co. Deutschland GmbH, Sanko Co., Ltd. and Tensho Electric Industries Co., Ltd..