News Release Dated January 14, 2022
Company: Japan System Techniques Co., Ltd.
Representative: Takeaki Hirabayashi, President and CEO
Stock code: 4323, Tokyo Stock Exchange, First Section
Contact: Hiroyuki Norimoto,
General Manager of General Affairs Department
Tel: +81-6-4560-1000
Notice of Merger and Absorption of Consolidated Subsidiaries
AG NET PTE. LTD. and JAST TECHNIQUES PTE. LTD., which are wholly owned subsidiaries in Singapore of Japan System Techniques Co., Ltd. (JAST), merged on January 1, 2022. JAST TECHNIQUES was absorbed by AG NET, which is the surviving company. Some information concerning this merger is not disclosed because this is a merger of consolidated subsidiaries.
1. Purpose of merger
AG NET uses the HRM (Human Resources Management) cloud system that it developed to serve more than 40,000 users at about 700 organizations primarily in Singapore and the ASEAN region. AG NET is one of the largest providers of human resource solutions in this category in Singapore. For about 40 years, JAST TECHNIQUES has been providing system integration and development, accounting enterprise resource planning (ERP), cloud system and other IT services mainly to the operations of Japanese companies in Singapore.
Merging the two companies will enable them to combine their strengths involving technologies, markets and customers. This will result in a sound infrastructure for providing a broad spectrum of digital transformation services centered on accounting and human resources. In addition, the merger is expected to raise productivity and cut expenses by downsizing the business network and administrative operations of the two companies. After the merger, AG NET will work more closely with JAST subsidiaries in Thailand and Malaysia with the goal of raising awareness of the JAST brand and speeding up the growth of the IT services business throughout the ASEAN region.
2. Summary of merger | |
(1) Schedule | |
Merger date (effective date) | January 1, 2022 |
(2) Method
An absorption-type merger between AG NET, which is the surviving company, and JAST TECHNIQUES, which is dissolved.
- Distribution of stock associated with the merger Not applicable.
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3. Outline of the merging companies
Surviving company | Dissolved company | ||
(1) | Company name | AG NET PTE. LTD. | JAST TECHNIQUES PTE. LTD. |
(2) | Location | 57 UBI Avenue 1 #05-05, UBI | 15 Queen Street, #04-02, Singapore |
CENTRE SINGAPORE 408936 | 188537 | ||
(3) | Representative | Yoshiki Nakanishi, | Yoshiki Nakanishi, |
Managing Director | Managing Director | ||
(4) | Business | Development and sales of software | Development and sales of software |
(5) | Share capital | 102,000 Singapore dollars | 2,672,000 Singapore dollars |
(6) | Established | March 15, 2006 | September 2, 1982 |
(7) | Major shareholder | Japan System Techniques Co., Ltd.: | Japan System Techniques Co., Ltd.: |
and shareholding ratio | 100% | 100% |
4. Outlook
This merger will have only a negligible effect on consolidated results of operations because it is a merger of consolidated subsidiaries.
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Japan System Techniques Co. Ltd. published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 01:18:09 UTC.