Okamoto Industries, Inc. completed the acquisition of additional 11.03% stake in Riken Corundum Company Limited from Hulic Co., Ltd., Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. for approximately ¥230 million.
June 15, 2015 at 12:00 am EDT
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Okamoto Industries, Inc. (TSE:5122) agreed to acquire additional 11.03% stake in Riken Corundum Company Limited (TSE:5395) from Hulic Co., Ltd. (TSE:3003), Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. on May 14, 2015. Under the terms of the deal, Okamoto Industries will acquire additional 1.01 million shares of Riken Corundum Company. After the transaction, Okamoto Industries will hold 2.15 million shares of Riken Corundum Company. The expected date of purchase is May 15, 2015.
Okamoto Industries, Inc. (TSE:5122) completed the acquisition of additional 11.03% stake in Riken Corundum Company Limited (TSE:5395) from Hulic Co., Ltd. (TSE:3003), Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. for approximately ¥230 million on May 14, 2015. Okamoto Industries, Inc. acquired share at the price of ¥228 per share.
Riken Corundum Company Limited. is a Japan-based company mainly engaged in the manufacturing and sales of abrasive papers and abrasive cloths, as well as office automation (OA) equipment parts. The Company operates through three business segments. The Abrasive Paper and Cloth Manufacturing and Sales segment is in the provision of abrasive cloth, waterproof abrasive paper, RICOAZ belts, resin belts and endless belts. The OA Equipment Parts Manufacturing and Sales segment is engaged in the production and sales of rubber rollers, grip rollers, grit sanders and other products. The Real Estate segment is engaged in the leasing of real estate properties.
Okamoto Industries, Inc. completed the acquisition of additional 11.03% stake in Riken Corundum Company Limited from Hulic Co., Ltd., Mizuho Bank, Ltd. and Mizuho Trust & Banking Co., Ltd. for approximately ¥230 million.
RIKEN CORUNDUM COMPANY LIMITED. 
