Monday <strong>11</strong> <strong>Dec</strong>ember <strong>2017</strong> 20 BUSINESS DAY C002D5556
Monday <strong>11</strong> <strong>Dec</strong>ember <strong>2017</strong> C002D5556 BUSINESS DAY 21 COMPANIES & MARKETS Company news analysis and insight Uraga expands frontiers, launches facility for health, leisure, retail Page 22 Chinese electronics manufacturer, Hisense acquires Toshiba unit for $<strong>11</strong>4m Daniel Obi Chinese electronics manufacturer, Hisense has acquired 95 percent shares of Toshiba Visual Corporation (TVS), the television business subsidiary of the Toshiba Corporation at a cost of 12. 9 Japanese Yuan, about $<strong>11</strong>4 million. A statement said this acquisition includes Toshiba TV productions, brands and operations service worldwide. The statement said the Toshiba Corporation management would however retain 5 percent of the business total shareholding. Until this development, the statement said Toshiba dominated the global television technology and market shares for 142 years and boasts an incredible shares across Asia, America , Europe and Latin America. Lin Hongxin, CEO, Hisense Group, in the statement lauded the major acquisition and assured all stakeholders of the company’s determination to optimize Toshiba’s resources in research and development, supply chain and global sales channels and support each other in display technology to provide competitive content, operation services for Smart TVs in the global market as well as to accomplish sustained L-R: Kufre Ekanem, corporate affairs adviser, Nigerian Breweries Plc; Franco Maria Maggi, marketing director, Nigerian Breweries Plc., Grace Omo-Lamai, human resources director, Nigerian Breweries Plc, and Hubert Eze, sales director, Nigerian Breweries Plc, at the press Unveil of Stella Lager Beer in Lagos. Pic by Pius Okeosisi fast-growth and hold on to the Japanese market. The statement further said that in the last 12 months, Toshiba had ranked number 3 in the Japanese market while Hisense’s TV’s market share is the highest among all foreign brands. “In Nigeria, Hisense has been equally visible with product sales and services nationwide through its proxy Fouani Nigeria Limited. Only recently, it opened it showroom in Port Harcourt while other outlets are billed for opening in Kano, Lagos, Ibadan, Abuja soon. Hongxin further said that Hisense with the benefit of Toshiba acquisition will develop and enlarge its international strategy for TV business for research and development, branding and marketing by operating other multiple brands. “The cooperation between Hisense and Toshiba will surely drive fresh innovations in the picture of TV business globally”, he said. Experts push for a single African air transport market HOPE MOSES-ASHIKE Participants, who gathered at the 3rd Ministerial Working Group Meeting on the Single African Air Transport Markets (SAATM), which kicked off in Addis Ababa on 5 <strong>Dec</strong>ember <strong>2017</strong>, are calling on African Union (AU) Member States to implement the 1999 Yamoussoukro <strong>Dec</strong>ision towards the establishment of SAATM by <strong>2017</strong>. “<strong>2017</strong> is almost over, yet only 23 countries have signed the solemn commitment on the immediate implementation of the Yamoussoukro <strong>Dec</strong>ision,” said Soteri Gatera, Chief of the Industrialization and Infrastructure Section of the Economic Commission for Africa (ECA), during his opening remarks at the 3-day meeting. Soteri told participants “It is my duty today to remind the other 30 or so countries of the benefits of the Single African Air transport market,” stating that SAATM is strategic for the implementation of the African Agenda 2063. He added “Air transport is indispensable for tourism, and enhancing air connectivity can help raise productivity by encouraging investment and innovation, thereby improving business operations and efficiency.” Soteri also noted that liberalising the air transport market will lead to increased air services and route competition, resulting in lower fares. “African airlines are waiting for the African open skies. More airlines, especially low-cost carriers would be created to serve the continent’s internal air transport needs,” said Soteri who also deplored the fact that “African countries have more bilateral open sky agreements with partners outside the continent than with African partners.”
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