Dow Jones received a payment from EQS/DGAP to publish this press release.
EQS-News / 02/04/2019 / 11:24 UTC+8
*Tokyo Chuo Auction Holdings Limited*
*????????????*
_(Incorporated in Hong Kong with limited liability)_
(Stock code: 1939)
*Tokyo Chuo proposes to acquire 34% shares
of Muchuntang auction house in Taiwan*
*Strengthen the Business Footprints in Taiwan Art Market as well as*
*Develop Cultural Network between mainland and Taiwan*
(Hong Kong- 1 April 2019) A well-recognized auction house of Chinese and
Japanese artworks in Hong Kong and Japan - *Tokyo Chuo Auction Holdings
Limited *("TCA" or the "Company", together with its subsidiaries, the
"Group", stock code: 1939) is pleased to announce that the Company entered
into a memorandum of understanding ("MOU") with an independent third
party, proposing to acquire 34% of the entire issued shares in a
Taiwan-based auction house - Mu Chun Tang Auction Co., Ltd.("Muchuntang")by
cash.
Muchuntang is a limited liability company incorporated in Taiwan, which is
specialized in auctioneering a wide variety of artworks in Taiwan with focus
on Taiwan artworks, including paintings, calligraphies and antiques.
As at the date of the MOU, the vendor, Mr. Chiu Hsin Chun, owns
approximately 96.72% of the entire issued shares in Muchuntang. In addition,
after the financial year end date immediately following the completion of
the this proposed acquisition, the Group will also have the right of first
refusal for the acquisition of the remaining interests held by the Vendor in
Muchuntang on the same pricing, or on no less favourable terms offered by
third party purchaser.
Tokyo Chuo Auction has endeavored to expand its footprints in Asia and
International market. Taiwan, as one of the most sophisticated and mature
art market in Asia, has a long history and rich cultural background.
Taiwanese collectors are a group of experienced experts with sophisticiated
sense of art appreciation. Leverage on the network of collectors as well as
the resources for art collections of both parties, the collaboration is
expected to create great synergies. In addition, the collaboration could
also strengthen Tokyo Chuo Auction's market share in Taiwan and further
entrentch its position as a culture promoter. Since its establishment in
2010, Tokyo Chuo Auction has been an advocator to foster cultural exchanges,
which is also a common value shared by Muchuntang.
*Mr Ando Shokei, Executive Director and Chairman of Tokyo Chuo Auction*,
commented "The collaboration represents a positive message to the Company
and to the market as both parties share the same value to promote the
cultural development. I have known Mr. Chiu for many years personally and am
so excited to work together."
Founded in 2012, Muchuntang has sought to bring more awareness to Taiwan art
and culture by organizing different art fairs and events, "Taiwan Fine Art &
Antiques Fair" and "Taipei Art Week" for example. Culture inheritance is at
the heart of its sustainable business strategy. "I believe our common value
would lead us to an exciting level of business synergy and this would bring
us to the international stage" said *Mr Chiu Hsin Chun, Chairman of
Muchuntang*.
_- End_ _-_
*About **Tokyo Chuo Auction Holdings Limited*
? Founded in Japan in 2010, Tokyo Chuo Auction Holdings Limited is a
well-recognized auction house of Chinese and Japanese artworks in Japan
and Hong Kong. The Group held its first auction in Japan in 2011 and
entered into Hong Kong market in 2013. With its specialization in
auctioneering Chinese paintings and calligraphies, Chinese antiques,
Japanese and Chinese tea wares and others, the Company organizes two
auctions in Japan and Hong Kong per annum, respectively.
? Through its extensive networks built in Hong Kong and Japan, the Group
has developed a solid and expanding customer base, covering artworks
artists, masters, experts, merchants, collectors, art galleries and
museums.
? The Group ranked second and fifth amongst all auction houses with
Chinese art auction business in Japan and Hong Kong with a market share of
26.8% and 4.4% in 2017, in terms of transaction value from the Chinese art
auction business in Japan and Hong Kong, respectively.
02/04/2019 Dissemination of a Financial Press Release, transmitted by EQS
Group.
The issuer is solely responsible for the content of this announcement.
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(END) Dow Jones Newswires
April 01, 2019 23:24 ET (03:24 GMT)
© 2019 Dow Jones News
