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.
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by RTT Staff Writer
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