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Dai-ichi Kogyo Seikyaku to sell stake in Teepol.

OSAKA, March 9 Kyodo

Dai-ichi Kogyo Seiyaku Co., a surfactant maker in Kyoto, said Thursday it will sell its 50% stake in Teepol Ltd., its joint venture with Shell Japan Ltd., to Johnson Wax Professional Co. for 6.1 billion yen.

Dai-ichi said it will sell its 250,000 Teepol shares in two installments -- March 17 and April 7 -- as part of its efforts to reinforce its financial standing.

The book value of the 250,000 shares is 150 million yen, Dai-ichi said.

It said that with the proceeds of the share sale as well as extraordinary losses from liquidation of unprofitable assets, it expects a consolidated net profit of 430 million yen for fiscal 1999 ending March 31, up from 180 million yen in the initial forecast for last November.

On an unconsolidated basis, Dai-ichi expects a net profit of 660 million yen, up from 250 million yen.

Teepol, a Tokyo-based maker of industrial detergents, is owned equally by Dai-ichi and Shell Japan.

Johnson Wax Professional is a Yokohama-based company belonging to CS Johnson of the United States.

Shell Japan also plans to sell its 50% stake in Teepol to Johnson Wax Professional, Dai-ichi said.
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Comment:Dai-ichi Kogyo Seikyaku to sell stake in Teepol.
Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Mar 13, 2000
Words:196
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