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
The U.K. economy grew at a slower pace in the third quarter in the face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7 percent from the second quarter, when it grew 0.9 percent. German consumer climate is set to improve slightly in November, ending the downward trend, as income expectations among households strengthened on the back of the strong labor market situation, survey data revealed Friday.The forward-looking consumer confidence index rose slightly to 8.5 in November from 8.4 in October. Software giant Microsoft Corp. said Thursday after the markets closed that its first quarter profit fell 13% from last year, hurt mainly by integration and restructuring costs even as revenue surged 25% thanks to strong sales of its gadgets and cloud-based products. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue.
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.