Sagami Chain Co. Ltd. completed the acquisition of 76.07% stake in Ajinomingeifoods Services, Co.,Ltd. from Nissin Foods Holdings Co., Ltd and others.
January 31, 2014 at 04:00 am
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Sagami Chain Co. Ltd. (TSE:9900) agreed to acquire 76.07% stake in Ajinomingeifoods Services, Co.,Ltd. from Nissin Foods Holdings Co., Ltd (TSE:2897) and others for approximately ¥910 million on December 4, 2013. Sagami Chain Co. Ltd. will acquire 0.27 million shares of Ajinomingeifoods Services, Co.,Ltd. representing 76.07% stake. For the year ended March 2013, Ajinomingeifoods Services reported total assets of ¥2.9 billion, net assets of ¥1.06 billion, sales of ¥5.19 billion, operating loss of ¥481 million and net loss of ¥455 million. The transaction has been resolved by Board of Directors of Sagami Chain Co. Ltd on December 4, 2013. The conclusion of share transfer agreement is expected on December 5, 2013. The transaction is expected to close by January 7, 2014. An amount of ¥5 million will be paid as advisory costs for the transaction.
Sagami Chain Co. Ltd. (TSE:9900) completed the acquisition of 76.07% stake in Ajinomingeifoods Services, Co.,Ltd. from Nissin Foods Holdings Co., Ltd (TSE:2897) and others in January 2014.
NISSIN FOODS HOLDINGS CO., LTD. is a Japan-based holding company principally engaged in the manufacture and sale of instant foods, such as instant noodles. The Company is also involved in other food business, logistics business and other related business. The Company operates its business through five business segments. The four business segments, Nisshin Foods, Myojo Foods, Americas and China, mainly manufacture and sell instant bag noodles and cup noodles respectively. Low Temperature segment is involved in the manufacture and sale of chilled products and frozen products.