Sanko Telecom Co., Ltd. cancelled the acquisition of Charlelightech Co., Ltd. from Charle Co., Ltd..
November 15, 2013 at 11:00 pm EST
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Sanko Telecom Co., Ltd. signed a basic agreement to acquire Charlelightech Co., Ltd. from Charle Co., Ltd. (OSE:9885) for ¥20 million on November 16, 2012. Sanko Telecom Co., Ltd. will acquire 7980 shares of Charlelightech Co., Ltd. representing 100% stake. For the period ending March 31, 2012, Charlelightech Co., Ltd. reported total assets of ¥430.8 million, net liabilities of ¥551.3 million, sales of ¥388.2 million, operating loss of ¥290.1 million and net loss of ¥491.5 million. The agreement is expected to be signed on December 3, 2012 and the transaction is expected to complete on December 3, 2012.
As of November 29, 2012, Sanko Telecom Co., Ltd. and Charlelightech Co., Ltd. reached an agreement for the transaction. The Board of Directors of Charle Co., Ltd has resolved the deal on November 29, 2012. Charle Co is expecting an extraordinary loss of ¥260 million from the transfer for the fiscal year ending March 31, 2013.
Sanko Telecom Co., Ltd. cancelled the acquisition of Charlelightech Co., Ltd. from Charle Co., Ltd. (OSE:9885) on November 16, 2013.
CHARLE CO., LTD. is a Japan-based company principally engaged in the wholesale of women's underwear. The women's underwear anchored clothing and cosmetics wholesale business sells clothes, focusing on women's underwear, as well as cosmetics and others, produced in Japan and overseas subcontract factories. The Company operates door-to-door sale and mail order sale business through its business members, via home party-style fitting sessions for membership and general consumers.
CHARLE CO.,LTD. 
