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Xyec Holdings Co Ltd Announces Acquisition Of Techno Like US Co., Ltd

Monday, 11 Nov 2013 07:37am EST 

Xyec Holdings Co Ltd announced that the Company has on November 11, 2013 entered into a sale and purchase agreement (the Agreement) with an independent individual investor and his associate (the Vendors), to acquire 2,100 ordinary shares, representing approximately 95% of the issued and paid-up capital of Techno (the Acquisition). The Vendors and Techno are not related to any of the controlling shareholders, directors, chief executive officer of the Company or their associates. Techno is a company incorporated in Japan on January 10, 2013 with an initial issued and paid-up share capital of JPY10,000,000 comprising 200 ordinary shares, which was subsequently increased on June 24, 2013 to JPY30,000,000 comprising 2,200 ordinary shares (the Capital Increase). Techno specialises in the engineer staffing business in Japan with a broad client base, and has business operations in several locations such as Tokyo, Nagoya, Fukuoka and Utsunomiya, which are cities in Japan. The aggregate consideration for the Acquisition is JPY157,500,000 to be paid in cash by the Company to the Vendors on the Completion Date. The Purchase Price will be funded through the Group’s internally generated funds. The completion of the Acquisition has occurred on November 11, 2013.