Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
8000
SGD thousands (first acquisition price)Wording
Conditional
How definitive the wording is.This transaction
Acquisition of shares (making the company a subsidiary)CounterpartyChoy Wai Kong, Tan Woon Szu
Disclosing companyASANUMA CORPORATION
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.The percentage before the change is not stated in this document.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Painting of building exteriors, interiors and other surfaces
Location SingaporeShare capital SGD 500 thousand (approximately ¥62 million)Date of incorporation 22 October 2002
Net Sales¥1,767 million (fiscal year ended December 2024)
Operating profit¥126 million (fiscal year ended December 2024)
Net income for the current fiscal year¥108 million (fiscal year ended December 2024)
Net assets¥760 million (fiscal year ended December 2024)
Consideration and expenses
Acquisition priceFirst acquisition: SGD 8,000 thousand (approximately ¥989 million); second acquisition: variable depending on performance
Expenses other than the acquisition priceEstimated incidental expenses: ¥73 million
Impact on Business Performance
As the transaction has already been incorporated into the earnings forecast for the fiscal year ending March 2027, its impact on the earnings forecast will be immaterial. If any matters requiring disclosure arise in the future, they will be announced promptly.
Procedures and assumptions
Valuation methodologyShare valuation based on the comparable companies method and the DCF method
| Item | Details |
|---|---|
| Transaction name | Acquisition of shares (making the company a subsidiary) |
| Counterparty name | Choy Wai Kong, Tan Woon Szu |
| Name of the Subject Company | T3 International Pte. Ltd. |
| Business Description of the Subject Company | Painting of building exteriors, interiors and other surfaces |
| Location of the Subject Company | Singapore |
| Capital Stock of the Subject Company | SGD 500 thousand (approximately ¥62 million) |
| Date of Establishment of the Subject Company | 22 October 2002 |
| Net Sales of the Subject Company | ¥1,767 million (fiscal year ended December 2024) |
| Operating Profit of the Subject Company | ¥126 million (fiscal year ended December 2024) |
| Net Income of the Subject Company | ¥108 million (fiscal year ended December 2024) |
| Net Assets of the Subject Company | ¥760 million (fiscal year ended December 2024) |
| Acquisition price | First acquisition: SGD 8,000 thousand (approximately ¥989 million); second acquisition: variable depending on performance |
| Expenses other than the acquisition price | Estimated incidental expenses: ¥73 million |
| Number of shares acquired | First acquisition: 400,000 shares; second acquisition: 100,000 shares (voting rights ownership: 80% after the first acquisition and 20% after the second acquisition) |
| Voting rights ownership percentage | After 100% (after the second acquisition) (before not disclosed) |
| Impact on Business Performance | As the transaction has already been incorporated into the earnings forecast for the fiscal year ending March 2027, its impact on the earnings forecast will be immaterial. If any matters requiring disclosure arise in the future, they will be announced promptly. |
| Date of board resolution | 19 May 2026 |
| Contract Date | 20 May 2026 (scheduled) |
| Execution Date / Effective Date | First acquisition: mid-June 2026 (scheduled); second acquisition: September 2029 (scheduled) |
| Valuation methodology | Share valuation based on the comparable companies method and the DCF method |
Items this document does not state (12)
Type of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Independent valuation institutionSpecial CommitteeConditions Precedent to ExecutionManagement structure after acquisition
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.ASANUMA CORPORATION will make the Singapore-based painting company a subsidiary to strengthen its renewal business, particularly in the ASEAN region, as set out in its three-year medium-term plan.
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