Japan Sanyongshengxing established textile branch

by:JIYALI     2021-08-12
The board of directors of Sanyongshengxing Group held on March 17 decided to split the textile business to form a wholly-owned subsidiary. The new company will take over all the business of the original textile division whose main business is OEM processing. Sanyongshengxing will own 100% of the shares in the subsidiary. According to reports, the name and capital of the new company have not yet been determined. The division plan will be proposed in the resolution of the board of directors held in May and submitted to the shareholders meeting in June for discussion. If approved, the new company will be formally established on October 1. Sanyongshengxing has confirmed that the group's executive director Miki Kenji will be the first textile branch manager.  Sangongshengxing Group is reorganizing its holding company. In addition to the textile business, it also has four main businesses including brand franchising, clothing planning, home textiles and daily necessities, and real estate leasing. Among them, the home textile and daily necessities business was divided in 2002, and the home textile branch and the daily necessities branch were established respectively. During this period, the group integrated the textile business and withdrew from the OEM processing business for supermarkets. The head of the group hopes that this split can further improve the overall efficiency of the textile business.   In 2007, the sales income of Sanyongshengxing textile business was 12.9 billion yen, and the sales profit was 168 million yen; the sales income of clothing business was 2.65 million yen, and the sales profit was 1 billion yen. Due to the large gap in the profitability of the two businesses, the group hopes that the division can speed up decision-making and improve the overall efficiency of the textile business. After completing the division of the textile business, the core business of the group headquarters is brand franchise and real estate leasing. In the future, it will strive to build a corporate group with lifestyle proposals as its mission. Textile business assets account for less than 20% of the total assets of Sanyongshengxing Group. According to relevant laws and regulations, the group could have adopted a simpler division procedure without requiring a vote at the general meeting of shareholders. However, considering that the textile business is the ancestral industry of the three symbiosis and prosperity, and more than 110 employees will be transferred to the branch, it is submitted to the general meeting of shareholders to vote.   The heads of the company are confident in passing the split plan.
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