Nakayama Steel Works, Ltd. completed the acquisition of remaining 76.64% stake in Mitsuboshi Shoji Co., Ltd. from group of investors.
July 09, 2013 at 05:00 am
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Nakayama Steel Works, Ltd. (TSE:5408) agreed to acquire remaining 76.64% stake in Mitsuboshi Shoji Co., Ltd. from group of investors for ¥1.6 billion in stock on March 7, 2013. Nakayama Steel Works, Ltd. (TSE:5408) entered into a share exchange agreement to acquire remaining 76.64% stake in Mitsuboshi Shoji Co., Ltd. from group of investors on March 28, 2013. The shareholders of Mitsuboshi Shoji include Nankai Chemical Co., Ltd. holding 15.65% stake, Amagasaki Seikan Co., Ltd. holding 13.04% stake, Nakayama Kasei Y.K. holding 2.39% stake, Sawarise, K.K. holding 1.09% stake, Mitsuboshi Kaiun Kaisha, Ltd. holding 4.35% stake, Takao Nakayama holding 3.34% stake, Hirofumi Nakayama holding 3.15% stake and Nakayama Mitsuboshi Steel Products, Ltd. holding 27.17% stake.
As a part of consideration, Nakayama Steel Works will issue 35 shares in share exchange for every share of Mitsuboshi Shoji. In related transactions, Nakayama Steel Works, Ltd. (TSE:5408) agreed to acquire remaining 59.71% stake in Nakayama Mitsuboshi Steel for ¥4.8 billion, remaining 79.01% stake in Nakayama Trading for ¥2.4 billion, remaining 75.27% stake in Mitsuboshi Kaiun Kaisha for ¥1.5 billion and remaining 81% stake in Sansen Shear Co., Ltd. for approximately ¥390 million on March 7, 2013. Mitsuboshi Shoji reported net assets of ¥2.8 billion, total assets of ¥10.9 billion, sales of ¥21.69 billion, operating profit of ¥322 million and net income of ¥158 million for period ending March 2012.
The transaction was resolved by Board of Directors of Nakayama Steel Works on March 28, 2013. The transaction is expected to be completed on July 9, 2013. The ordinary annual shareholders' meeting of subsidiaries is scheduled on June 18, 2013. A meeting of shareholders of Nakayama Steel Works will be held on June 18, 2013. The transaction is approved by shareholders of Nakayama Steel Works and Mitsuboshi Shoji Co., Ltd.
Nakayama Steel Works, Ltd. (TSE:5408) completed the acquisition of remaining 76.64% stake in Mitsuboshi Shoji Co., Ltd. from group of investors on July 9, 2013.
Nakayama Steel Works, Ltd. is a Japan-based company mainly engaged in the manufacture and sale of steel. The Company operates through three business segments. The Steel segment is involved in the manufacture and sale of primary steel products and secondary processed products, including steel strips such as hot-rolled steel strips, thick plates and intermediate plates, steel bars such as wire rods, bar-in coils and rebar, steel slabs and by-products. The Engineering segment is involved in the order and sale of steel fish reefs, breeding reefs, rolls, valves and others, as well as the process and assembly of machines. The Real Estate segment is involved in the lease and sale of the real estate.
NAKAYAMA STEEL WORKS, LTD. 
