Komori
M&A and Subsidiary Changes3038KOBE BUSSAN CO.,LTD.Trading & Wholesale

Notice Concerning the Establishment of a Joint Venture Company (Subsidiary) and the Acquisition of Shares by the Joint Venture Company (Making It a Sub-subsidiary, etc.)

神戸物産 has decided to establish a joint venture, MEAL HUB, jointly with GOURMET KINEYA CO.,LTD., and to acquire shares in 15 overseas companies engaged in the airline catering business through the joint venture. Following the capital increase by the joint venture, the expected ownership interests are approximately 82% for 神戸物産 and 18% for GOURMET KINEYA CO.,LTD.

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This transaction

This M&A transaction (establishment of the joint venture and the joint venture's acquisition of shares in the target group of companies)
CounterpartyGOURMET KINEYA CO.,LTD., Airline Catering & Retail Invest Asia Pacific Limited, LSG Catering Investment Asia Limited, LSG Catering Hong Kong Limited, Cathay Pacific Airways Limited, Hong Kong International Air Catering Limited, Hong Kong Dragon Airlines Limited, LSG Management Service (Asia Pacific) Limited
Disclosing companyKOBE BUSSAN CO.,LTD.
LSG Sky Chefs New Zealand Limited, CLS Catering Service Limited, LSG Holding Asia Limited, LSG Sky Chefs Hong Kong Limited, LSG Catering China Limited, LSG Sky Chefs Korea Co., Ltd., LSG Catering (Thailand) Limited, Siam Flight Services Limited, LSG Sky Chefs (Thailand) Ltd., LSG Catering Guam, Inc., LSG Service Guam, Inc., LSG Catering Saipan, Inc.Subject of this transactionNumber of shares acquired LSG Sky Chefs New Zealand Limited: 41,676,000 shares (ownership interest: 100%), CLS Catering Service Limited: 231,056 shares (ownership interest: 70%). An additional 99,025 shares (ownership interest: 30%) are scheduled to be acquired on the closing date of the share transfer., LSG Holding Asia Limited: 100,000 shares (ownership interest: 86.9%). An additional 13,125 shares (ownership interest: 13.1%) are scheduled to be acquired on the closing date of the share transfer., LSG Sky Chefs Hong Kong Limited: 240 shares (ownership interest: 47.9%). An additional 160 shares (ownership interest: 31.9%) are scheduled to be acquired on the closing date of the share transfer., LSG Catering China Limited: 2 shares (ownership interest: 100%), LSG Sky Chefs Korea Co., Ltd.: 1,040,000 shares (ownership interest: 80%), LSG Catering (Thailand) Limited: 998 shares (ownership interest: 99.8%), Siam Flight Services Limited: 14,700 shares (11,700 Group A common shares and 3,000 Group B common shares; ownership interest: 49%), LSG Sky Chefs (Thailand) Ltd.: 299,999,999 shares (ownership interest: approximately 100%), LSG Catering Guam, Inc.: 1,000 shares (ownership interest: 100%), LSG Service Guam, Inc.: 30,100 shares (ownership interest: 100%), LSG Catering Saipan, Inc.: 900 shares (ownership interest: 100%), Number of voting rights: Not disclosedVoting rights ownership percentage 0% → 100%, 0% → 70% (100% including the shares scheduled for additional acquisition), 0% → 86.9% (100% including the shares scheduled for additional acquisition), 0% → 47.9% (79.8% including the shares scheduled for additional acquisition), 0% → 100%, 0% → 80%, 0% → 99.8%, 0% → 49%, 0% → Approximately 100%, 0% → 100%, 0% → 100%, 0% → 100%
TimelineThe spacing between the points is proportional to the actual number of days.
Target company

Airline catering and related businesses (each target company)

Location New Zealand, Canada, Hong Kong, Republic of Korea, Thailand, Guam, SaipanShare capital LSG Sky Chefs New Zealand Limited：NZD 41,676,000, CLS Catering Service Limited：CAD 23,024, LSG Holding Asia Limited：HKD 194,526,160.31, LSG Sky Chefs Hong Kong Limited：HKD 501, LSG Catering China Limited：HKD 41,858,200, LSG Sky Chefs Korea Co., Ltd.：KRW 6,500,000,000, LSG Catering (Thailand) Limited：THB 100,000, Siam Flight Services Limited：THB 3,000,000, LSG Sky Chefs (Thailand) Ltd.：THB 300,000,000, LSG Catering Guam, Inc.：USD 1,000, LSG Service Guam, Inc.：USD 3,010,000, LSG Catering Saipan, Inc.：USD 900Date of incorporation LSG Sky Chefs New Zealand Limited: 17 November 2005, CLS Catering Service Limited: 12 September 1980, LSG Holding Asia Limited: 17 January 1989, LSG Sky Chefs Hong Kong Limited: 2 December 1977, LSG Catering China Limited: 15 March 1988, LSG Sky Chefs Korea Co., Ltd.: 28 March 2003, LSG Catering (Thailand) Limited: 23 April 1985, Siam Flight Services Limited: 19 July 1968, LSG Sky Chefs (Thailand) Ltd.: 26 February 2004, LSG Catering Guam, Inc.: 29 March 1985, LSG Service Guam, Inc.: 17 December 1973, LSG Catering Saipan, Inc.: 29 March 1985
Net SalesLSG Sky Chefs New Zealand Limited: 185,990 thousand NZD (fiscal year ended December 2024), CLS Catering Service Limited: 108,415,276 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 438,533,916 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 438,533,916 HKD (fiscal year ended December 2024), LSG Catering China Limited: 0 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 62,590,848 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: 129 THB (fiscal year ended December 2024), Siam Flight Services Limited: 237 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: 680,878,140 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 20,812,897 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: 5,023,519 USD (fiscal year ended December 2024)
Operating profitLSG Sky Chefs New Zealand Limited: 2,740 thousand NZD (fiscal year ended December 2024), CLS Catering Service Limited: 7,318,492 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 31,865,818 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 31,918,299 HKD (fiscal year ended December 2024), LSG Catering China Limited: -18,208 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 3,480,324 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: -256,457 THB (fiscal year ended December 2024), Siam Flight Services Limited: -255,585 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: 47,048,982 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 2,995,599 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: -479,892 USD (fiscal year ended December 2024)
Net income for the current fiscal yearLSG Sky Chefs New Zealand Limited: (2,634 thousand NZD) (fiscal year ended December 2024), CLS Catering Service Limited: 5,634,665 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 25,899,879 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 25,952,360 HKD (fiscal year ended December 2024), LSG Catering China Limited: -18,208 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 8,405,726 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: -256,457 THB (fiscal year ended December 2024), Siam Flight Services Limited: -255,585 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: 47,048,982 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 2,366,599 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: -479,892 USD (fiscal year ended December 2024)
Net assetsLSG Sky Chefs New Zealand Limited: 37,243 thousand NZD (fiscal year ended December 2024), CLS Catering Service Limited: 22,839,546 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 39,452,006 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 38,294,748 HKD (fiscal year ended December 2024), LSG Catering China Limited: -61,658 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 46,705,726 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: 107,658,051 THB (fiscal year ended December 2024), Siam Flight Services Limited: 209,758,573 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: -36,224,253 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 8,022,442 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: 2,132,241 USD (fiscal year ended December 2024)
Consideration and expenses
Acquisition priceThe consideration for the acquisition will not be disclosed pursuant to an agreement with the counterparty.
Funding arrangementsBefore execution of this M&A transaction, the funds required will be contributed to the joint venture by 神戸物産 and GOURMET KINEYA CO.,LTD. in the form of a capital increase.
Impact on Business Performance

The impact of establishing the joint venture and converting the target group of companies into sub-subsidiaries on consolidated results for the current fiscal year is currently being calculated in detail. The earnings forecast for the fiscal year ending October 2026 will be disclosed promptly if any revisions become necessary.

Procedures and assumptions
Valuation methodologyThe price will be determined through discussions between the parties at an amount considered fair and appropriate, based on the results of due diligence conducted by a third-party organization.
Conditions Precedent to ExecutionThe necessary approvals and other permissions from the relevant authorities must be obtained for the transfer of shares or equity interests in each of the target companies, and the other conditions precedent stipulated in the transfer agreements relating to such transfers must be satisfied.
Management structure after acquisitionThe representative director and president of the joint venture will be Numata Hirokazu. Following the capital increase, the expected ownership interests are approximately 82% for 神戸物産 and 18% for GOURMET KINEYA CO.,LTD. Changes to the target companies' trade names and the treatment of their representatives and employees: Not disclosed
This transaction
ItemDetails
Transaction nameThis M&A transaction (establishment of the joint venture and the joint venture's acquisition of shares in the target group of companies)
Counterparty nameGOURMET KINEYA CO.,LTD., Airline Catering & Retail Invest Asia Pacific Limited, LSG Catering Investment Asia Limited, LSG Catering Hong Kong Limited, Cathay Pacific Airways Limited, Hong Kong International Air Catering Limited, Hong Kong Dragon Airlines Limited, LSG Management Service (Asia Pacific) Limited
Name of the Subject CompanyLSG Sky Chefs New Zealand Limited, CLS Catering Service Limited, LSG Holding Asia Limited, LSG Sky Chefs Hong Kong Limited, LSG Catering China Limited, LSG Sky Chefs Korea Co., Ltd., LSG Catering (Thailand) Limited, Siam Flight Services Limited, LSG Sky Chefs (Thailand) Ltd., LSG Catering Guam, Inc., LSG Service Guam, Inc., LSG Catering Saipan, Inc.
Business Description of the Subject CompanyAirline catering and related businesses (each target company)
Location of the Subject CompanyNew Zealand, Canada, Hong Kong, Republic of Korea, Thailand, Guam, Saipan
Capital Stock of the Subject CompanyLSG Sky Chefs New Zealand Limited：NZD 41,676,000, CLS Catering Service Limited：CAD 23,024, LSG Holding Asia Limited：HKD 194,526,160.31, LSG Sky Chefs Hong Kong Limited：HKD 501, LSG Catering China Limited：HKD 41,858,200, LSG Sky Chefs Korea Co., Ltd.：KRW 6,500,000,000, LSG Catering (Thailand) Limited：THB 100,000, Siam Flight Services Limited：THB 3,000,000, LSG Sky Chefs (Thailand) Ltd.：THB 300,000,000, LSG Catering Guam, Inc.：USD 1,000, LSG Service Guam, Inc.：USD 3,010,000, LSG Catering Saipan, Inc.：USD 900
Date of Establishment of the Subject CompanyLSG Sky Chefs New Zealand Limited: 17 November 2005, CLS Catering Service Limited: 12 September 1980, LSG Holding Asia Limited: 17 January 1989, LSG Sky Chefs Hong Kong Limited: 2 December 1977, LSG Catering China Limited: 15 March 1988, LSG Sky Chefs Korea Co., Ltd.: 28 March 2003, LSG Catering (Thailand) Limited: 23 April 1985, Siam Flight Services Limited: 19 July 1968, LSG Sky Chefs (Thailand) Ltd.: 26 February 2004, LSG Catering Guam, Inc.: 29 March 1985, LSG Service Guam, Inc.: 17 December 1973, LSG Catering Saipan, Inc.: 29 March 1985
Net Sales of the Subject CompanyLSG Sky Chefs New Zealand Limited: 185,990 thousand NZD (fiscal year ended December 2024), CLS Catering Service Limited: 108,415,276 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 438,533,916 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 438,533,916 HKD (fiscal year ended December 2024), LSG Catering China Limited: 0 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 62,590,848 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: 129 THB (fiscal year ended December 2024), Siam Flight Services Limited: 237 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: 680,878,140 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 20,812,897 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: 5,023,519 USD (fiscal year ended December 2024)
Operating Profit of the Subject CompanyLSG Sky Chefs New Zealand Limited: 2,740 thousand NZD (fiscal year ended December 2024), CLS Catering Service Limited: 7,318,492 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 31,865,818 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 31,918,299 HKD (fiscal year ended December 2024), LSG Catering China Limited: -18,208 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 3,480,324 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: -256,457 THB (fiscal year ended December 2024), Siam Flight Services Limited: -255,585 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: 47,048,982 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 2,995,599 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: -479,892 USD (fiscal year ended December 2024)
Net Income of the Subject CompanyLSG Sky Chefs New Zealand Limited: (2,634 thousand NZD) (fiscal year ended December 2024), CLS Catering Service Limited: 5,634,665 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 25,899,879 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 25,952,360 HKD (fiscal year ended December 2024), LSG Catering China Limited: -18,208 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 8,405,726 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: -256,457 THB (fiscal year ended December 2024), Siam Flight Services Limited: -255,585 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: 47,048,982 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 2,366,599 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: -479,892 USD (fiscal year ended December 2024)
Net Assets of the Subject CompanyLSG Sky Chefs New Zealand Limited: 37,243 thousand NZD (fiscal year ended December 2024), CLS Catering Service Limited: 22,839,546 CAD (fiscal year ended December 2024), LSG Holding Asia Limited: 39,452,006 HKD (fiscal year ended December 2024), LSG Sky Chefs Hong Kong Limited: 38,294,748 HKD (fiscal year ended December 2024), LSG Catering China Limited: -61,658 HKD (fiscal year ended December 2024), LSG Sky Chefs Korea Co., Ltd.: 46,705,726 thousand KRW (fiscal year ended December 2024), LSG Catering (Thailand) Limited: 107,658,051 THB (fiscal year ended December 2024), Siam Flight Services Limited: 209,758,573 THB (fiscal year ended December 2024), LSG Sky Chefs (Thailand) Ltd.: -36,224,253 THB (fiscal year ended December 2024), LSG Catering Guam, Inc.: 8,022,442 USD (fiscal year ended December 2024), LSG Service Guam, Inc.：Not disclosed, LSG Catering Saipan, Inc.: 2,132,241 USD (fiscal year ended December 2024)
Acquisition priceThe consideration for the acquisition will not be disclosed pursuant to an agreement with the counterparty.
Number of shares acquiredLSG Sky Chefs New Zealand Limited: 41,676,000 shares (ownership interest: 100%), CLS Catering Service Limited: 231,056 shares (ownership interest: 70%). An additional 99,025 shares (ownership interest: 30%) are scheduled to be acquired on the closing date of the share transfer., LSG Holding Asia Limited: 100,000 shares (ownership interest: 86.9%). An additional 13,125 shares (ownership interest: 13.1%) are scheduled to be acquired on the closing date of the share transfer., LSG Sky Chefs Hong Kong Limited: 240 shares (ownership interest: 47.9%). An additional 160 shares (ownership interest: 31.9%) are scheduled to be acquired on the closing date of the share transfer., LSG Catering China Limited: 2 shares (ownership interest: 100%), LSG Sky Chefs Korea Co., Ltd.: 1,040,000 shares (ownership interest: 80%), LSG Catering (Thailand) Limited: 998 shares (ownership interest: 99.8%), Siam Flight Services Limited: 14,700 shares (11,700 Group A common shares and 3,000 Group B common shares; ownership interest: 49%), LSG Sky Chefs (Thailand) Ltd.: 299,999,999 shares (ownership interest: approximately 100%), LSG Catering Guam, Inc.: 1,000 shares (ownership interest: 100%), LSG Service Guam, Inc.: 30,100 shares (ownership interest: 100%), LSG Catering Saipan, Inc.: 900 shares (ownership interest: 100%), Number of voting rights: Not disclosed
Voting rights ownership percentage0% → 100%, 0% → 70% (100% including the shares scheduled for additional acquisition), 0% → 86.9% (100% including the shares scheduled for additional acquisition), 0% → 47.9% (79.8% including the shares scheduled for additional acquisition), 0% → 100%, 0% → 80%, 0% → 99.8%, 0% → 49%, 0% → Approximately 100%, 0% → 100%, 0% → 100%, 0% → 100%
Funding arrangementsBefore execution of this M&A transaction, the funds required will be contributed to the joint venture by 神戸物産 and GOURMET KINEYA CO.,LTD. in the form of a capital increase.
Impact on Business PerformanceThe impact of establishing the joint venture and converting the target group of companies into sub-subsidiaries on consolidated results for the current fiscal year is currently being calculated in detail. The earnings forecast for the fiscal year ending October 2026 will be disclosed promptly if any revisions become necessary.
Date of board resolution31 March 2026
Contract Date31 March 2026
Execution Date / Effective DateDate of execution of the joint venture agreement, capital increase by the joint venture and this M&A transaction: fiscal 2026 (scheduled). Scheduled establishment date of the joint venture: 8 April 2026
Valuation methodologyThe price will be determined through discussions between the parties at an amount considered fair and appropriate, based on the results of due diligence conducted by a third-party organization.
Conditions Precedent to ExecutionThe necessary approvals and other permissions from the relevant authorities must be obtained for the transfer of shares or equity interests in each of the target companies, and the other conditions precedent stipulated in the transfer agreements relating to such transfers must be satisfied.
Management structure after acquisitionThe representative director and president of the joint venture will be Numata Hirokazu. Following the capital increase, the expected ownership interests are approximately 82% for 神戸物産 and 18% for GOURMET KINEYA CO.,LTD. Changes to the target companies' trade names and the treatment of their representatives and employees: Not disclosed
Items this document does not state (10)
Expenses other than the acquisition priceType of ConsiderationMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodGoodwill amountAmount of extraordinary income (loss)Independent valuation institutionSpecial Committee

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.

The stated reasons are to secure a basis for the continued growth and overseas expansion of the Gyomu Super brand, establish a stable food-supply channel to the target group of companies, and enhance the corporate value of the target group by leveraging 神戸物産's factory operations and food-procurement capabilities together with GOURMET KINEYA CO.,LTD.'s expertise in the food-service and airline-catering businesses.

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Notice Concerning the Establishment of a Joint Venture Company (Subsidiary) and the Acquisition of Shares by the Joint Venture Company (Making It a Sub-subsidiary, etc.) | KOBE BUSSAN CO.,LTD. (3038) timely disclosure | Komori