Kitano Construction Corp. acquired additional 19% stake in Sakura Hanoi Plaza Investment Co., Ltd. from Kyodo Fudosan Kanri Co., Ltd., Hitachi Ltd., The Michinoku Bank, Ltd., Bunka Shutter Co. Ltd. and Tasaka Shoji YK .
March 28, 2014 at 12:00 am EDT
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Kitano Construction Corp. (TSE:1866) agreed to acquire additional 19% stake in Sakura Hanoi Plaza Investment Co., Ltd. from Kyodo Fudosan Kanri Co., Ltd., Hitachi Ltd. (TSE:6501), The Michinoku Bank, Ltd. (TSE:8350), Bunka Shutter Co. Ltd. (TSE:5930) and Tasaka Shoji YK on March 17, 2014. On March 26, 2014, Kitano Construction signed an agreement to acquire additional 19% stake in Sakura Hanoi Plaza Investment. Kyodo Fudosan will sell 18 shares, Hitachi will sell 10 shares, Michinoku will sell 20 shares, Bunka Shutter will sell 10 shares and Tasaka Shoji will sell 10 shares in the transaction. Hanoi Plaza had net liabilities of ¥412 million, total assets of ¥4.5 billion, net sales of ¥1.03 billion, operating income of ¥140 million and net income of ¥876 million for the year ending December, 2013. The Board of Directors of Kitano passed a resolution for the transaction on March 17, 2014.
Kitano Construction Corp. (TSE:1866) completed the acquisition of additional 19% stake in Sakura Hanoi Plaza Investment Co., Ltd. from Kyodo Fudosan Kanri Co., Ltd., Hitachi Ltd. (TSE:6501), The Michinoku Bank, Ltd. (TSE:8350), Bunka Shutter Co. Ltd. (TSE:5930) and Tasaka Shoji YK on March 28, 2014.
Bunka Shutter Co., Ltd. is a Japan-based company mainly engaged in the manufacture and sale of shutters, and housing and building materials. The Company operates in four business segments. The Shutter-related Products segment offers lightweight shutters, heavy shutters, over-sliding doors, panel shutters and window shutters. The Construction Material-related Products segment offers exterior products, cross-cut weatherboardings, doors, partitions and other related products. The Service segment is engaged in maintenance and repair of existing shutters and building materials. The Reform segment is engaged in the renovation of housing.
Kitano Construction Corp. acquired additional 19% stake in Sakura Hanoi Plaza Investment Co., Ltd. from Kyodo Fudosan Kanri Co., Ltd., Hitachi Ltd., The Michinoku Bank, Ltd., Bunka Shutter Co. Ltd. and Tasaka Shoji YK .
BUNKA SHUTTER CO., LTD. 
