Toami Corporation entered into an agreement to acquire 80% stake in Watanabe Kensetsu Co., Ltd. from Yuichiro Watanabe.
March 09, 2021
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Toami Corporation (TSE:5973) entered into an agreement to acquire 80% stake in Watanabe Kensetsu Co., Ltd. from Yuichiro Watanabe on March 10, 2021. As a part of the transaction, Toami will first acquire 50% stake representing 130 shares and at second execution 30% stake will be acquired representing 78 shares. For the year ended June 30, 2020, Watanabe Kensetsu reported total assets of ¥540.86 million, net assets of ¥182.07 million, sales of ¥1.42 billion, operating income of ¥93.9 million, ordinary income of ¥99.26 million and net income of ¥70.95 million. The transaction was resolved and concluded by the board of Toami. The first phase of the transaction is expected to be completed by April 1, 2021 and the second phase of the transaction is expected to be completed by April 1, 2022.
TOAMI CORPORATION is a Japan-based company mainly engaged in the manufacture and sale of civil engineering and building materials. The Company is engaged in the manufacture and sale of various wire meshes such as welded wire meshes, rebar grids, welded wire meshes for reinforcing openings, stainless steel welded wire meshes, one-way meshes and solid foundation rebar units, reinforced processed products such as TOAMI hoops, spiral hoops, power rings, polygonal hoop bars for circles and spiral bars for seismic reinforcement, wire meshes for glass, mesh fences, as well as special welded wire mesh products such as C panels and blank panels. The Company is also engaged in the purchase and sale of reinforcing steels, gabions, square gabions and other products.
TOAMI CORPORATION 
