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Japanese recruitment firm en-japan (4849: JP) announced today that it signed a share transfer agreement with The Capstone Group Recruitment and Consulting (Thailand) Ltd (R&C) to acquire shares of the company and make it en-japan’s subsidiary.
According to a statement from en-japan: “We have been working on global business deployment as one of the key strategies to achieve further growth. We currently have seven locations in the Asia Pacific region, utilising resources and know-how of en world Japan K.K., a recruitment service provider for global companies, which became a subsidiary of en-japan in 2010.”
“Thailand has a large economic scale, boasting the second highest GDP in ASEAN countries. The salary level of corporate management-level employees in Thailand is higher than in other countries in the region. The recruiting market continues growing in the country as well.”
“R&C has been operating since 2002 in Thailand with main focus on recruiting business. Having excellent talent, it is strong in introducing management-level employees and especially executives and highly-paid professionals.”
“Because global business development with focus on the Asia pacific region is one of our key strategies, we will continue expanding business in this area for further growth,” en-japan concluded:
According to the overview of the acquisition, shares will be acquired by three companies: en-japan, its consolidated subsidiary en-Asia holdings Ltd., and the tentatively named En Holdings (Thailand) Ltd, which is scheduled to be established in mid-November 2013.
The total number of shares to be acquired is 29,596, equating to 73.99% of the company. The valuation of the shares is estimated at JPY 215 million (USD 2.2 million).
The first step in the acquisition is the share transfer agreement signed today, through which en-japan and its consolidated subsidiary en-Asia holdings Ltd., will acquire 49% of all the issued shares of R&C from its shareholders. The second step involves En holdings (Thailand) Ltd., acquiring 24.99% of all the issued shares of R&C near the end of November.
One of the largest online recruiters in Japan, en-japan recently upgraded their H1 forecast, predicting that net income for the six months ending 30 September 2013 will be 20.2% above prior estimates.