Tuesday, June 25, 2024
HomeNewsJapanOkura Holdings announces internal restructuring plan

Okura Holdings announces internal restructuring plan

Pachinko operator Okura Holdings has announced an internal restructuring plan to consolidate assets and enhancing operational efficiency.

The restructuring involves its subsidiaries Okura Japan and K’s Property Co., Ltd.

Okura Japan, established on April 3rd, 1984, and K’s Property, founded on March 30th, 2001, currently operate as indirect and direct wholly-owned subsidiaries, respectively, of Okura Co., Ltd.

The restructuring, executed through an absorption-type merger agreement signed on April 25th, 2024, will see K’s Property merged with Okura Japan, effective June 21st, 2024. Following the merger, Okura Japan will continue as a wholly-owned subsidiary of Okura Co., Ltd., while K’s Property will be absorbed and dissolved.

The primary objectives of the merger include consolidating properties owned by K’s Property into Okura Japan, thereby combining their earning powers to enhance credibility with financial institutions.

Additionally, the restructuring aims to streamline the group’s resources and operations for cost efficiency.

As part of the process, all properties of K’s Property, except its land in Higashi Nagasaki, will be transferred to Okura Japan. The land in Higashi Nagasaki will be transferred to Okura Nishinihon Co., Ltd., an indirect wholly-owned subsidiary established on December 3rd, 2021.

Okura Holdings reported a significant increase in profit before income tax, rising approximately JPY929 million ($6.1 million) in the second half of 2023, a 569.9 percent bump from the same period in the previous year.

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.



daily newsletter