BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Sekisui Chemical (4204.T) said its Board resolved to acquire a 51% interest in Ausbuild Group Pty Ltd. and Ausbuild Partners Pty Ltd. of the Ausbuild Group, a residential land development and housing construction company based in Queensland, Australia. The share acquisition will be conducted through SEKISUI HEIM AUSTRALIA, a subsidiary of Sekisui Chemical. The acquisition is priced at approximately A$335 million. Sekisui Chemical plans to acquire additional shares of the Ausbuild holding companies through the SPC in the future. It is expected that as a result of the acquisition, Ausbuild Group will become a consolidated subsidiary of Sekisui Chemical in the current fiscal year.
Sekisui Chemical said it is currently reviewing the impact of the acquisition on its consolidated financial results.
Sekisui Chemical shares are trading at 2,486 yen on Tokyo Stock Exchange, down 0.56%.
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