BusinessDay 11 Dec 2017

Monday 11 December 2017 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 $114m
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 $114 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 December 2017, are calling
on African Union (AU) Member
States to implement the 1999
Yamoussoukro Decision towards
the establishment of SAATM by
2017.
“2017 is almost over, yet only
23 countries have signed the
solemn commitment on the immediate
implementation of the
Yamoussoukro Decision,” 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.”