Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Panasonic To Buy Shares Of Firepro Systems - Quick Facts

Panasonic Corp.'s (PC: Quote) board has decided to acquire shares of the unlisted company, Firepro Systems Private Limited and to reach an agreement of subscriptions of allocation of new shares to a third party with its consolidated unit, Anchor Electricals Private Ltd. Panasonic would buy a portion of Firepro's ordinary shares owned by existing shareholders, while Anchor increases its capital by a third party allocation of shares.

Therefore, Panasonic would own 76.2% of Firepro's shares, including its shares owned by Anchor. After the purchase, the existing shareholders would continue to take a 23.8% interest in the Firepro. Closing process would be scheduled in late May, 2012.

Going forward, the company would aim to realize further growth by capital participation in Firepro to expand into "non-residential" areas including offices, buildings, commercial facilities.

Click here to receive FREE breaking news email alerts for Panasonic Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Tuesday after the markets closed that its third quarter profit rose 12% from last year, as sales surged and margins improved amid strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell short of analysts' forecast. United Nations Secretary-General Ban Ki-moon on Tuesday urged both Israelis and Palestinians to stop the fighting that has been raging for the past two weeks in the Gaza Strip, and pleaded with the two sides to return to dialogue with the aim of addressing the underlying causes of the repeated cycles... After moving notably higher in early trading on Tuesday, stocks continued to perform well throughout the session. The gains on the day offset the modest weakness that was seen in the previous session, extending the recent back-and-forth movement by the markets.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.