TOKYO, May 15 (Pulse News Wire) – Kyokuyo CO.,LTD. (1301.T) resolved during its board meeting held, to dissolve its joint venture with Great Ocean Group Holding LLC (GOGH) for its US crab meat business.
Additionally, the company agreed to allow LS Stream Ltd., a subsidiary of GOGH based in Singapore, to acquire its shares. Under the agreement, Kamec Corp., a wholly-owned subsidiary of Kyokuyo, will purchase GOGH's stake in Ocean’s Kitchen Property Management LLC (OKPM) for $10 million. As a result, OKPM will become a wholly-owned subsidiary of Kamec Corp., effectively dissolving the joint venture. The transaction will enable Kyokuyo to continue operating the US crab meat business independently with GOGH's support. Regarding the share acquisition, LS Stream Ltd. plans to buy Kyokuyo shares worth $10 million, equivalent to approximately 336,000 shares at a price of $30 per share.
The final completion of the share acquisition is expected around April 2029, subject to market conditions. In addition, LS Stream Ltd. holds a capital of $148.9 million and was established on April 21, 2023. The company's major shareholder, Chih-Yuan Wang, owns 51.2%. The dissolution of the joint venture and the share acquisition are anticipated to have a minor impact on Kyokuyo's consolidated performance for the fiscal year ending March 2027. The company will promptly inform stakeholders of any significant developments affecting its performance.
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