BOC Group: Japanese unit plans share swap

BOC Japan, Japanese unit of UK-based international producer and distributor of industrial gases BOC Group PLC, said it will make Osaka Sanso Kogyo Ltd. a wholly-owned subsidiary through a share swap.

BOC Japan, Japanese unit of UK-based international producer and distributor of industrial gases BOC Group PLC, said it will make Osaka Sanso Kogyo Ltd. a wholly-owned subsidiary through a share swap. BOC and BOC Japan have held a combined 93.20% stake in Osaka Sanso since last April. The share swap will be completed on 1 April 2002 and Osaka Sanso will be delisted from Japanese stock exchanges. Each BOC Japan share will be swapped for 3,988 Osaka Sanso shares. BOC Japan said its group aims to strengthen Osaka Sanso“s operations through the planned move. In the previous financial year to September 2000, Osaka Sanso had a net profit of JPY 1.94 billion on revenue of JPY 53.64 billion. Osaka Sanso said it was undecided on whether to pay a dividend on its shares for the business year just ended 30 September.