Saibu Gas announced that it plans to acquire a 90% stake in Fukuoka Chuo Uo Ichiba Co., Ltd, a wholesale auctioneering outfit that operates out of the Fukuoka City Central Wholesale Market. According to sources, Fukuoka Chuo Uo Ichiba has been suffering financially amid troubles with collecting payments from some intermediary wholesalers, declining fish catches and stagnating fish consumption. The company will now receive financial backing from Saibu Gas, which is focusing more energy food-related businesses. Saibu Gas has been expanding in to the food business since 2004, buying a Chinese restaurant and a seafood processor, to boost synergies with its gas business. By securing a majority stake in Fukuoka Chuo Uo Ichiba Co., it appears that Saibu Gas wants to stabilize procurement for its food businesses while also strengthening its gas business. Source: Nishinippon Shimbun, May 8
