Tensho Electric Industries Co., Ltd. cancelled the acquisition of an additional 29.6% stake in Tensho America Corporation from Sanko Real Estate Co., Ltd.
June 27, 2019
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Tensho Electric Industries Co., Ltd. (TSE:6776) agreed to acquire an additional 29.6% stake in Tensho America Corporation from Sanko Real Estate Co., Ltd for $3.5 million on June 28, 2018. Tensho Electric will acquire 7,700 shares in this transaction. Post-completion, the stake owned by Tensho Electric in Tensho America will increased to 65% from 35.4% and Tensho America will become a subsidiary of Tensho Electric while stake owned by Sanko Real Estate in Tensho America will decreased to 35% from 64.6%. Tensho Electric will sign the contract on June 29, 2018. For fiscal year ended December 2017, Tensho America reported consolidated net assets of $11.9 million, total assets of $17.3 million, sales of $11.34 million and operating income of $0.13 million. The transaction is approved by the Board of Tensho Electric and is expected to complete on June 29, 2018.
Tensho Electric Industries Co., Ltd. (TSE:6776) cancelled the acquisition of an additional 29.6% stake in Tensho America Corporation from Sanko Real Estate Co., Ltd on June 28, 2019.
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.
Tensho Electric Industries Co., Ltd. cancelled the acquisition of an additional 29.6% stake in Tensho America Corporation from Sanko Real Estate Co., Ltd.