[Dynapac Co., Ltd.] Dynapac Co., Ltd. Notice regarding stock acquisition (becoming a subsidiary) due to change in subsidiary
*View in browser* *Dynapac Co., Ltd.*
Press release: December 26, 2023
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Dynapac Co., Ltd. Notice regarding stock acquisition (becoming a subsidiary) due to change in subsidiary
*In order to achieve sustainable growth of overseas business as set forth in the medium-term plan, TKT Vietnam Plastic Packaging Joint, a flexible packaging manufacturer in Vietnam,
Stock Company became a subsidiary. *
Dynapac Co., Ltd. (Headquarters: Nagoya City, Aichi Prefecture, Representative Director and President: Koji Saito, hereinafter referred to as the “Company”) is a subsidiary of TKT Vietnam Plastic in Vietnam.
We would like to inform you that we have decided to acquire 90% of the shares of Packaging Joint Stock Company and make it a subsidiary. (URL: https://www.dynapac-gr.co.jp/ir/news/index.html
*Reason for stock acquisition*
Our company is working towards the “sustainable growth” of our overseas business, as set out in our medium-term plan. Vietnam is expected to continue to see economic growth (GDP growth rate of 5% in FY2023, target of 6% in FY2024), and by having flexible packaging manufacturing capabilities in addition to the current corrugated board manufacturing, we aim to further capture the expanding demand for packaging materials. I think it can be done. For this reason, we have decided to acquire shares in this company, a local flexible packaging manufacturer.
*Overview of the subsidiary to be transferred*
*Number of shares acquired and status of owned shares before and after acquisition*
(1) Number of shares owned before change: 0 shares
(Number of voting rights: 0)
(Ownership ratio: 0%)
(2) Number of acquired shares: 4,500,000 shares
(3) Number of shares after transfer: 4,500,000 shares
(Number of voting rights: 4,500,000)
(Ownership ratio: 90%)
*The acquisition price of the shares is not disclosed due to confidentiality obligations. The acquisition price was determined by requesting an independent third party to conduct financial, legal and labor due diligence as well as calculation of corporate value, and the acquisition price falls within the minor standard.
* schedule*
(1) Stock transfer execution date: Late January 2024 (planned) * Future outlook *
Although the impact of this matter on our consolidated business results is expected to be minor, we will promptly notify you if any matters that need to be announced arise in the future.
*Dynapac Co., Ltd. Company Profile*
Head office: 3-14-15 Nishiki, Naka-ku, Nagoya, Aichi Prefecture Established: January 2005
Representative: Mitsuji Saito, Representative Director and President Business details: We manufacture and sell packaging materials such as cardboard, folding cartons, flexible packaging materials, and paper cushioning materials.