Kintetsu Corporation cancelled the acquisition of an additional 25% stake in Hakone Kogen Hotel Co. Ltd. from KNT-CT Holdings Co., Ltd..
December 25, 2014 at 04:00 am
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Kintetsu Corporation (TSE:9041) agreed to acquire an additional 25% stake in Hakone Kogen Hotel Co. Ltd. from KNT-CT Holdings Co., Ltd. (TSE:9726) for approximately ¥410 million on December 25, 2013. KNT-CT Holdings Co., Ltd. will sell its entire 25% stake comprising 0.03 million shares while Kintetsu Corporation will increase its holding to 81.67% stake in Hakone Kogen Hotel Co. Ltd. For the year ended December 2012, Hakone Kogen Hotel Co., Ltd. had net assets of ¥1.49 billion, total assets of ¥2.93 billion, sales of ¥711 million, operating profit of ¥20 million, ordinary profit of ¥37 million, and net profit of ¥25 million. An agreement will be signed on December 25, 2013. Board of Directors of KNT-CT Holdings Co., Ltd. made a resolution in favor of the transaction on December 25, 2013. The transaction is expected to close on December 26, 2013.
Kintetsu Corporation (TSE:9041) cancelled the acquisition of an additional 25% stake in Hakone Kogen Hotel Co. Ltd. from KNT-CT Holdings Co., Ltd. (TSE:9726) on December 25, 2014.
KNT-CT Holdings Co., Ltd. is a Japan-based company mainly engaged in the travel business. The Company operates in three segments. The Personal Travel segment is engaged in the provision of domestic and overseas tour services, the planning and sale of travel products under domestic and overseas planning travel brands, the sale of Japan Railways (JR) tickets, domestic and overseas air tickets and hotel vouchers. The Group Tour segment is engaged in the provision of group tour for companies, schools, government and public interest corporations, and the planning and sale of travel products. The Others segment engaged in the planning and sale of travel products, merchandising and provision of travel-related services, among others.