Heian Ceremony Service Co.,Ltd. signed a basic agreement to acquire Sagami Life Service Co., Ltd. and Shinei Create Service Corporation from Shinei Enterprise Co., Ltd., AKK, Ltd., Koji Uzawa and Yukiko Miyagawa.
November 28, 2019
Share
Heian Ceremony Service Co.,Ltd. (JASDAQ:2344) signed a basic agreement to acquire Sagami Life Service Co., Ltd. and Shinei Create Service Corporation from Shinei Enterprise Co., Ltd., AKK, Ltd., Koji Uzawa and Yukiko Miyagawa on November 29, 2019. The formal share acquisition agreement shall be signed until December 31, 2019. Heian Ceremony Service Co.,Ltd. (JASDAQ:2344) signed a Share Transfer Agreement for Acquisition Sagami Life Service Co., Ltd. and Shinei Create Service Corporation from Shinei Enterprise Co., Ltd., AKK, Ltd., Koji Uzawa and Yukiko Miyagawa on December 25, 2019. Heian Ceremony Service Co.,Ltd. shall acquire 600 shares each of Sagami Life Service Co., Ltd. and Shinei Create Service Corporation. Shinei Enterprise Co., Ltd. currently holds 100% interest in Shinei Create Service Corporation and 83.3% in Sagami Life Service Co., Ltd. while remaining 16.7% is held as AKK, Ltd. and Koji Uzawa holding 6.7% each and Yukiko Miyagawa holding 3.3% stake.
For the year ending February 28, 2019, Sagami Life Service Co., Ltd. had net asset of approximately ¥95.8 million, total asset of approximately ¥230 million, net sales of approximately ¥314.8 million, operating loss of approximately ¥8.6 million and net loss of approximately ¥7.6 million. For the year ending September 30, 2019, Shinei Create Service Corporation had net asset of approximately ¥78.4 million, total asset of approximately ¥370 million, net sales of approximately ¥130 million, operating income of approximately ¥8.6 million and net income of approximately ¥1.04 million.
As of December 25, 2019, board of directors of Heian Ceremony approved the transaction. The expected completion date of the transaction is January 1, 2020.
HEIAN CEREMONY SERVICE CO.,LTD. is a Japan-based company mainly provides wedding and funeral services. The Company operates in four business segments. The Wedding Ceremony segment provides wedding ceremonies, as well as services such as weddings and coming-of-age ceremonies rental costumes, photography and dressing. The Funeral segment provides funeral related services and ancillary services such as the sale of Buddhist altars and utensils at homes, temples and congregations. The segment also provides franchise agreements and partnership agreements with funeral companies. The Mutual Relief Society segment is engaged in ceremonial funeral festival mutual aid society business, as well as the recruitment of members and the management of members' information, the provision of wedding and funeral agency services for its members. The Nursing Care segment provides home care services, facility services and rental housing business for the elderly. The Company also provides logistics business.
Heian Ceremony Service Co.,Ltd. signed a basic agreement to acquire Sagami Life Service Co., Ltd. and Shinei Create Service Corporation from Shinei Enterprise Co., Ltd., AKK, Ltd., Koji Uzawa and Yukiko Miyagawa.