Kojima Industries Corporation agreed to acquire 34.4% stake in PT. Echo Advanced Technology Indonesia from Kodama Chemical Industry Co.,Ltd. for IDR 2500.
November 01, 2016
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Kojima Industries Corporation agreed to acquire 34.4% stake in PT. Echo Advanced Technology Indonesia from Kodama Chemical Industry Co.,Ltd. (TSE:4222) for IDR 2500 on November 2, 2016. Under the terms, 2500 shares are acquired at IDR 1 per share. For the year ended December 31, 2015, net liabilities of IDR 50.3 million, sales of IDR122.8 million, operating loss of IDR 29.3 million and net loss of IDR 50.4 million. A corporate resolution for the transaction is passed on November 2, 2016. A contract is expected to be concluded by November 4, 2016 and closing of the deal is expected by November 25, 2016.
KODAMA CHEMICAL INDUSTRY CO.,LTD. is a Japan-based company mainly engaged in the automotive parts business, housing equipment and refrigeration parts businesses, and the entertainment business. It operates through three business segments. Automotive Parts segment manufactures and sells automotive parts such as instrument panels, bumpers, door panels, door trims, luggage trims, pillar garnishes, side mud guards, consoles, cylinder head covers, oil reservoir tanks, and other parts. Housing Equipment and Refrigeration Parts segment manufactures and sells home appliances such as wash mirror cabinets, bathroom ceilings, counter panels, bathtub aprons, washing machine bread, drain traps, sanitary parts, kitchen parts, refrigerator interior parts, office automation equipment parts, as well as food packaging-related products, and single-layer, multi-layer, and coated plastic sheet products. Entertainment segment manufactures and sells entertainment-related products such as game packages.
Kojima Industries Corporation agreed to acquire 34.4% stake in PT. Echo Advanced Technology Indonesia from Kodama Chemical Industry Co.,Ltd. for IDR 2500.