Panasonic to acquire Shares of Firepro
2012-05-11Panasonic Corporation has announced that its Board of Directors has decided to acquire shares of Firepro Systems Private Limited (hereinafter "Firepro") and to enter into an agreement of subscriptions of allocation of new shares to a third party with its consolidated subsidiary, Anchor Electricals Private Limited (hereinafter "Anchor").
Panasonic will acquire a portion of Firepro's ordinary shares previously owned by investment companies; with this acquisition Panasonic shall hold 76.2% of Firepro's shares. Following the acquisition, Firepro's management will continue to own 10.8%, and investment companies 13.0% of the company's shares. Through a third party allocation of shares, Anchor will increase its capital.
Both Panasonic and Firepro aim to develop a solutions business with general contracting covering the whole package of design, installation and services for building facilities, utilizing the engineering capabilities and client networking of Firepro, and the Panasonic's wide range of products and technologies. Panasonic expects stable growth of 7-8% annually in GDP, with demand in housing-related markets. Serious demand is also expected for infrastructure-related sectors such as construction and power, following the remarkable economic growth and the government-led infrastructure development initiatives.
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