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JVC Kenwood Corp to Acquire Shares of Shinwa International Holdings Limited; Amends Consolidated Full-year Outlook for FY 2014


Wednesday, 15 May 2013 04:30am EDT 

JVC Kenwood Corp announced that it will acquire 4,654,547 shares of Shinwa International Holdings Limited, for USD 12.4 million in total from an individual, effective June 3, 2013. As a result, the Company will hold a 61% stake in Shinwa International Holdings, up from 45%. In addition, the Company has raised its consolidated full-year outlook for revenue from JPY 310,000 million to JPY 330,000 million, operating profit from JPY 10,000 million to JPY 11,000 million and ordinary profit from JPY 5,500 million to JPY 6,000 million, but maintained the outlook for net profit of JPY 3,000 million and earning per share of JPY 21.63, for the fiscal year ending March 2014. The Company raised the outlook due to the record of investment profit. 

Company Quote

289.0
2.0 +0.70%
2:00am EDT