August 1, 2022 | |
For Immediate Release | |
Company name: | Relo Group, Inc. |
Representative: | Kenichi Nakamura |
Representative Director, CEO | |
(Code: 8876, Prime Section of TSE) | |
Contact: | Yasushi Kadota |
Director, CFO | |
(Tel: +81-3-5312-8704) |
Notice on Completion of Share Transfers in Consolidated Subsidiaries and Acquisition of Shares in
Equity Method Subsidiary
Relo Group, Inc. announces that it has completed the share transfers of BGRS Group (collective term for BGRS LLC, BRPS LLC, BRER SERVICES INC. and their group companies) to SIRVA Group and acquired preferred shares of SIRVA Holdings, Inc. as of July 29, 2022, in accordance with the planned share transfers announced in the "Notice of Change in Consolidated Subsidiaries (Share Transfer) and Commencement of Joint Management of the Global Relocation Business" dated May 6, 2022.
Although BGRS Group will be excluded from our consolidated subsidiaries as a result of this transaction, the Company will start managing the global relocation business jointly with Global Relocation and Moving Services, LP in order to realize our vision of becoming a top global relocation company.
Moreover, regarding the impact of the share transfers, realized gain is expected to be posted as gain or loss of discontinued operations, but the Company is currently reviewing the details o f the matter. The Company will promptly disclose any matter arising in the future that requires disclosure.
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