Meiko Construction Co. Ltd. (NSE:1869) concluded a share exchange contract to acquire remaining 76.3% stake in Meiko Shoji Co., Ltd for approximately ¥280 million in stock on December 2, 2011. Meiko Construction will issue 19 shares for every share of Meiko Shoji Co., Ltd. The 9,600 shares of Meiko Shoji common shares held by Meiko Construction will not be allocated in this share exchange. After the transaction, Meiko Shoji Co., Ltd will operate as a wholly owned subsidiary of Meiko Construction Co., Ltd.

Meiko Shoji Co., Ltd reported net assets of ¥665 million, total assets of ¥678 million, sales of ¥96 million, operating profit of ¥14 million, current profit and net profit of ¥19 million for the year ending March 31, 2010. The transaction is not subject to approval of shareholders of Meiko Construction. A meeting of shareholders of Meiko Shoji will be held on January 25, 2012 to approve the transaction. The Board of Directors of Meiko Construction and Meiko Shoji approved the transaction on December 2, 2011. The transaction is expected to be completed by March 1, 2012.

Meiko Construction Co. Ltd. (NSE:1869) cancelled the acquisition of the remaining 76.3% stake in Meiko Shoji Co., Ltd on December 2, 2012.