Pansoft Co. Ltd. (PSOF: Quote) said it has acquired the remaining 20% stake in Pansoft (Japan) Co. Ltd., now making it a wholly owned subsidiary of Pansoft.
Pansoft stated that it acquired the partners' 20% stake at no additional cost due to their failure to meet the terms of the joint-venture agreement, specifically to transfer sufficient orders from their pre-existing Japanese clients to the joint venture. The share transfer agreement was drafted in the middle of February and executed recently.
Pansoft (Japan) was established in August 2010 to provide outsourcing functions for Japanese clients, initially in the area of cell-phone software testing. Pansoft originally owned an 80% stake in the joint venture, with two Japanese companies, Management Information Center Co., Ltd. And Seven Colors Corporation (the "Partners"), owning the remaining 20% stake.
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by RTT Staff Writer
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