APEC Co., Ltd. cancelled the acquisition of 70% stake in Shinwa Medico Co., Ltd. from Shinwa Art Auction Co., Ltd..
November 15, 2016
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APEC Co., Ltd. agreed to acquire 70% stake in Shinwa Medico Co., Ltd. from Shinwa Art Auction Co., Ltd. (JASDAQ:2437) for ¥2.1 million on November 16, 2015. APEC Co., Ltd. will acquire 1,400 shares of Shinwa Medico Co., Ltd. Shinwa Medico Co., Ltd. reported total assets of ¥8.42 million, net assets of ¥3.06 million, sales of ¥0.31 million, operating loss of ¥3.22 million and net loss of ¥3.47 million for the period ending May 2015. The transaction was resolved by the Board of Shinwa Art Auction Co., Ltd on November 16, 2015. A contract is expected to be concluded November 17, 2015 and the transaction is expected to be completed on November 17, 2015.
APEC Co., Ltd. cancelled the acquisition of 70% stake in Shinwa Medico Co., Ltd. from Shinwa Art Auction Co., Ltd. (JASDAQ:2437) on November 16, 2016.
Shinwa Wise Holdings Co Ltd is a Japan-based company mainly engaged in auction related business and energy related business. It has two business segments. Art related segment is divided into auction business and private sale and other business. Auction business holds modern art auctions, modern ceramic art auctions and modern art Part II auctions according to the works and price ranges handled. It also holds auctions of postwar and contemporary art, Western art, wine and liquor, MANGA, brand miscellaneous goods, watches, jewelry and others. Private sales and other businesses mainly involve in private sales of asset defense diamonds as well as paintings, which are negotiated transactions other than auctions. The Other Business segment is engaged in the electricity sales business of solar power generation facilities. In Malaysia, the Company is also engaged in the sales business of palm kernel shells (PKS), which are used as fuel for biomass power generation.
SHINWA WISE HOLDINGS CO.,LTD. 
