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
Alaska Congressman Don Young, R-Ak., is once again making headlines with comments linking the state's high suicide rate to an increase in government assistance. Young told an audience at a senior center on Wednesday that the suicide problem didn't exist until there was "largesse" from the government. After moving sharply higher at the open, stocks have seen further upside over the course of the trading day on Thursday. The strong upward move on the day has more than offset the pullback that was seen in the previous session. Suggesting moderate growth in the short-term, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by more than economists had anticipated in the month of September.
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.