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HEROZ to make Vario Secure wholly owned subsidiary via share exchange to resolve parent-child listing
HEROZ, Inc. <4382> and Vario Secure Inc. <4494> announced after the market close on the 14th that they will integrate operations via a share exchange. HEROZ will become the sole parent company, making Vario Secure a wholly owned subsidiary. The effective date is set for June 30, with HEROZ allocating 0.99 shares for each Vario Secure share. Vario Secure will be delisted on June 26. HEROZ stated that since their capital and business tie-up in September 2022, the structural conflict of interest inherent in their parent-child listing has hindered the realization of tangible synergies. Full ownership will enable faster and more streamlined decision-making.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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