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Article: Dalton Investments Completes Sale of 11% Fujitec Stake to Riverbank Holdings Company, a Subsidiary of United Technologies.

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PR Newswire
Article date:
February 15, 2008
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Firm Retains 4% Position

TOKYO and LOS ANGELES, Feb. 15 /PRNewswire/ -- Dalton Investments LLC today announced that it has completed the sale of an 11% stake in Fujitec Co., Ltd. , an elevator manufacturer based in Osaka, Japan, to a wholly owned subsidiary of United Technologies .

Under the terms of the agreement, Riverbank Holdings Corporation, a subsidiary of United Technologies, purchased 10,477,000 Fujitec shares for 695 yen (US$6.50) per share, or a total value of 7,281,515,000 yen (US$68.05 million). Dalton, however, has retained approximately 4% of Fujitec's shares outstanding.

James B. Rosenwald, founder and managing partner of Dalton ...

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