AUTOBACS Announces Share Acquisition of Franchise Company
OREANDA-NEWS. September 26, 2012. AUTOBACS SEVEN Co., Ltd. (“The Company,” Representative Director and CEO: Setsuo Wakuda) decided today, to acquire all share of its franchise company, AUTO SERVICE TECHNIQUES Ltd.(“AUTO SERVICE TECHNIQUES”), and take over the business as its wholly owned subsidiary.
1. Purpose of share acquisition
As described in the AUTOBACS 2010 Medium-Term Business Plan, AUTOBACS Group is aiming to increase market share and improve store profitability by strengthening its franchise chain business in Japan.
As part of the effort, the Company decided to consolidate store ownership in the Nagasaki area, to simplify the operational structure and increase area competitiveness and management efficiency.
It also aims to actively start new businesses such as statutory inspection & maintenance services and car sales & purchases, to develop stores that customers support and trust, in line with the corporate slogan of “Anything about cars, you find at AUTOBACS.”
2. Overview of the transferred company
(1) Company name: AUTO SERVICE TECHNIQUES Ltd. (AUTO SERVICE TECHNIQUES)
(2) Location: Sasebo city, Nagasaki
(3) Representative: Katsusuke Nakamura
(4) Line of business: Retail of car goods and services (Operation of three AUTOBACS stores)
(5) Capital: JPY 30 million
(6) Established: February 1984
(7) Major shareholder: Saihi Bus Co.,Ltd.: 100%
(8) Present relationship between AUTO SERVICE TECHNIQUES and the Company:
Capital relationship: No relevant items
Personnel relationship: No relevant items
Business relationship: AUTO SERVICE TECHNIQUES and the Company have concluded AUTOBACS franchise agreements, AUTOBACS CARS franchise basic agreement, AUTOBACS CARS franchise chain agreement and merchandise sale and purchase agreement.
3. Overview of shares to be acquired by the Company
(1) Name of issuer: AUTO SERVICE TECHNIQUES Ltd.
(2) Number of issued shares: 600 shares of common stock
4. Number of shares to be acquired and share ownership before and after the acquisition
(1) Number of shares held by the Company before the change: None
(Number of voting rights: 0 units)
(Percentage of the shares held: 0%)
(2) Number of shares to be acquired by the Company: 600 shares
(Number of voting rights: 600 units)
(Percentage of the shares held: 100%)
(3) Number of shares held by the Company after the change: 600 shares
(Number of voting rights: 600 units)
(Percentage of the shares held: 100%)
*Acquisition price is not disclosed based on the agreement.
5. Scheduled transfer date
(1) Date of the decision made: September 26, 2012
(Both the Company and AUTO SERVICE TECHNIQUES Ltd)
(2) Date of transfer (planned): October 1, 2012
6. Effect on performance
The influence of this transaction on the Company’s consolidated financial performance is assumed to be low.
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