San Arawa S.A. announced that it has received ARS 123.16 million in funding from Nichimo Co., Ltd.
February 13, 2013 at 11:00 pm EST
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San Arawa S.A. announced that it will raise approximately ¥2,300,000,000 (ARS 127,658,000) in funding from existing investor, Nichimo Co., Ltd. on January 25, 2013. The company will issue 33,875,759 shares at ¥67.895 (ARS 3.76840) per share in the transaction. Presently the investor owns 13.92% stake in the company. On the same date, the board of directors of the investor approved the transaction. Through the transaction, the company will become investor's subsidiary and will hold 80% stake in the company. Costs of the acquisition and other expenses have not been decided yet. The company will transfer new shares to investor in February 2013. The company generated net assets of ARS 25,813,000, total assets of ARS 269,049,000, total revenues of ARS 103,441,000, and net losses of ARS 34,786,000 as on March 2012. The conversion was made through www.oanda.com as on January 25, 2013.
On February 14, 2013, San Arawa S.A. closed the transaction. The company issued 9,860,312 shares at ¥233.25834 (ARS 12.4901) for gross proceeds of ¥2,300,000,000 (ARS 123,156,282.91). The conversion was made through www.oanda.com as on February 14, 2013.
NICHIMO CO., LTD. is engaged in the food, marine, machinery, material, biotics, logistics and other businesses. The Company operates in six segments. The Food segment processes and sells frozen fish, fish eggs and fish paste. The Ocean segment is engaged in the manufacture and sale of nets, ropes, the repair of fishing equipment, as well as the sale of ship equipment and materials for fishing and sea farming. The Machinery segment is engaged in the manufacture and sale of food processing machines. The Material segment sells synthetic resin, packaging materials and agricultural materials. The Biotics segment manufactures and sells fermented soybean products, as well as sells health food products. The Logistics segment provides logistics and transportation services. Company is also involved in the provision of the sale of petrochemical products, the manpower dispatching business and real estate business.