Avelco Co. Ltd. completed the acquisition of 65.77% stake in Intelgrow Corporation from Intelgrow Corporation, ESOP, Sadaaki Egara, Shigeru Egara, Masafumi Ohsawa, Kazuo Ito, Mutsuto Maki, Tadaji Shibata and others.
February 20, 2013 at 04:00 am
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Avelco Co. Ltd. (JASDAQ:7539) entered into an letter of intent to acquire 65.77% stake in Intelgrow Corporation from Intelgrow Corporation, ESOP, Sadaaki Egara, Shigeru Egara, Masafumi Ohsawa, Kazuo Ito, Mutsuto Maki, Tadaji Shibata and others for approximately ¥720 million in cash on October 1, 2012. Avelco Co. Ltd. will be issuing 19.13 common shares for every share of Intelgrow Corporation. Avelco Co. Ltd. is acquiring 0.09 million shares of Intelgrow Corporation and issuing 0.5 million shares. Sadaaki Egara, President and Representative Director will sell 16.77% stake, Shigeru Egara will sell 5.82% stake. Intelgrow Corporation reported revenues of ¥7.73 billion, operating profit of ¥58 million, ordinary profit of ¥115 million net profit of ¥28 million for the year ending July 2011. Intelgrow Corporation reported net assets of ¥1.55 billion, revenues of ¥8.4 billion, net income of ¥305.8 billion, EBIT of ¥53 million and total assets of ¥4.49 billion for the year ending July 31, 2012.
The transaction will be a share acquisition followed by a share exchange. The share transfer contract and share exchange contract is expected to be signed on February 8, 2012. The share acquisition is expected to close by late February 2013. The approval from the shareholders of Intelgrow is expected in a meeting in late March 2013. The share exchange is expected to take place on May 1, 2013 and can be executed without the approval of shareholders. The share exchange agreement has been signed on February 8, 2013. The transaction was approved by the Board of Avelco Co.
Avelco Co. Ltd. (JASDAQ:7539) completed the acquisition of 65.77% stake in Intelgrow Corporation from Intelgrow Corporation, ESOP, Sadaaki Egara, Shigeru Egara, Masafumi Ohsawa, Kazuo Ito, Mutsuto Maki, Tadaji Shibata and others on February 20, 2013.
AINAVO HOLDINGS Co., Ltd., is a Japan-based company involved in the large-sized property business and the detached house business. The Company operates in two business segments. The Detached House segment is engaged in the sale and construction of various tile products such as interior and exterior tiles, floor tiles, exteriors and other related products, and housing related products such as bathtubs, water heaters, system kitchens, sanitary equipment, solar power generation systems and other products. The Large-sized Property segment is engaged in the interior tile, exterior tile and floor tile construction works, the housing equipment construction works such as unit baths, system kitchens, bathtubs and others, the large ceramic tile works made of stones and dry methods, and the air conditioning and sanitary equipment works.