Forum Engineering (TYO:7088) will hold an extraordinary shareholders' meeting on Feb. 25 to approve a series of measures tied to its privatization by KJ003, according to a Monday filing on the Tokyo Stock Exchange.
The proposals include issuing Class A shares through a third-party allotment, reducing stated capital and capital reserves, and a share consolidation to squeeze out remaining minority shareholders.
The moves follow KJ003's completed tender offer for Forum Engineering's shares and share options in December, after which it held about 55.9% of the company.
If the planned share buyback and consolidation proceed, Forum Engineering's stock is expected to be delisted from the Tokyo Stock Exchange's Prime Market around May 13.