Japan's Ricoh to take full control of women's clothing unit Sanai
, 11.05.04, 11:37 AM ET
AFX News Limited
TOKYO (AFX) - Ricoh Co Ltd, an office equipment maker, said it will take full control of Sanai Co Ltd, its women's clothing and digital contents delivery unit, via a share swap to take advantage of the latter's resources in its effort to expand its clients base to include individual customers.
Under the plan, Ricoh will exchange 0.066 of its shares for each Sanai share, aiming to expand its ownership of the unit to 100 pct.
The share swap will be completed on Feb 1, 2005.
Ricoh currently owns 43.23 pct ordinary shares and 31.7 pct preferred shares of Sanai, but these will not be included in the planned share swap, it said.
Ricoh said the transaction will not affect its earnings as Sanai is already a subsidiary, which is reflected in its consolidated earnings results.
kyoko.hasegagwa@xfn.com
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