AVEX GROUP HOLDINGS subsidiary to fully acquire 60 pct owned sub-subsidiary and expects extraordinary profit for FY 2016
AVEX GROUP HOLDINGS INC:Says its wholly owned subsidiary will purchase 2,600 additional shares of a sub-subsidiary, which has been engaged in music and film distribution business in Tokyo, Japan.Effective date March 31.After the transaction, the subsidiary will hold 100 pct stake (6,500 shares) in the sub-subsidiary, up from 60 pct (3,900 shares).Expects to record 2 billion yen contract cancellation money as extraordinary profit for the fiscal year ending March 2016.
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