Cocolonet CO., LTD. completed the acquisition of Koriyama Grand Hotel Co., Ltd. from Toshisuke Kawashima, Toshio Kawashima and others.
April 01, 2013 at 12:00 am EDT
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Cocolonet CO., LTD. (JASDAQ:6060) signed a basic agreement to acquire Koriyama Grand Hotel Co., Ltd. from Toshisuke Kawashima, Toshio Kawashima and others for approximately ¥300 million in stock on February 12, 2013. Toshisuke Kawashima is selling its 90.63% and Toshio Kawashima is selling its 5% stake in Koriyama Grand Hotel Co., Ltd. Cocolonet will acquire 0.04 million shares in the transaction and will issue 0.3 million shares comprising 7.5 shares of its common stock for each share of Koriyama Grand Hotel. For the period ending June 2012, Koriyama Grand Hotel Co., Ltd. reported total assets of ¥5.88 billion, net assets of ¥2.59 billion, sales of ¥1.36 billion, operating profit of ¥180 million and net profit of ¥132 million. The share exchange contract will be concluded on February 21, 2013. The transaction has been resolved by Board of Directors Cocolonet CO., LTD. The transaction is subject to approval by the shareholding commission of Koriyama Grand Hotel Co., Ltd. which is due on March 8, 2013 and the transaction is expected to close by April 1, 2013. Ogata Katsuhiko Certified Public Accountant Office acted as valuation institute for Cocolonet.
Cocolonet CO., LTD. (JASDAQ:6060) completed the acquisition of Koriyama Grand Hotel Co., Ltd. from Toshisuke Kawashima, Toshio Kawashima and others on April 1, 2013.
Cocolonet CO.,LTD. is a Japan-based pure holding company mainly engaged in funerary business and related business. The Company operates in seven business segments. The Funerary segment involves in hosting of funeral ceremonies. The Stone Wholesale segment involves in wholesale business such as stone towers for stone retailers. The Stone Retail segment involves in sale of stone towers to general consumers. The Wedding segment involves in hosting of wedding ceremonies. The Fresh Flower segment involves in manufacturing, wholesale and retail of fresh flowers and artificial flowers products. The Mutual Aid Association segment involves in management of the association of ceremonies of coming of age, marriage, burial, and ancestral worship. The Nursing Care segment involves in management of housing for elderly with services, and nursing care support business.