TIDMMBC
RNS Number : 9933L
Mitsubishi Corporation
01 May 2015
May 1, 2015
Mitsubishi Corporation
Notice of Transfer of Mitsubishi Corporation's Cloud Computing
Services (Kensetsu ASP) to Mitsubishi Data Plus by Way of an
Absorption-Type Company Split
Mitsubishi Corporation ("MC") (TSE 8058; LSE MBC) hereby
announces the decision to transfer its cloud based application
service business for Japan's construction industry (Kensetsu ASP),
currently operated by its the Business Service Group, to its wholly
owned subsidiary, MC Data Plus, by way of an absorption-type
company split with effect from July 1, 2015. In addition, an
agreement has been reached with INTEC Inc. (INTEC) and SIGMAXYZ
Inc. (SIGMAXYZ), to accept partial investments in MC Data Plus.
As this is a simplified absorption-type company split involving
MC's wholly owned subsidiary, the contents of the transaction have
been summarized in this press release.
1. Purpose of this Company Split
Spinning off Kensetsu ASP into a separate company will
streamline the business and strengthen its operational structure.
At the same time, building a joint venture with INTEC and SIGMAXYZ
will enable the business expansion by collaboration among all.
2. Outline of the Company Split
(1) Timelines
Resolution of Board May 1, 2015
of Directors
----------------------- -------------
Conclusion of Contract May 7, 2015
----------------------- -------------
Estimated Effect Date July 1, 2015
of Company Split
----------------------- -------------
Note: Since this company split constitutes a simple
absorption-type company split as stipulated in Article 784,
Paragraph 3 of the Companies Act, obtaining approval at the
Company's general meeting of shareholders is not required.
(2) Method of Company Split
This is an absorption-type company split in which MC will be the
split company and MC Data Plus will be the successor company.
(3) Allotment of Shares
Based on the conditions of this absorption-type company split,
the successor company, MC Data Plus, will issue 7,439 shares of
common stock to MC.
(4) Required Action Regarding Stock Acquisition Rights and
Convertible Bonds
Not applicable.
(5) Amount of Decrease in Capital Stock
There will be no change in MC's capital stock.
(6) Rights and Obligations of Successor Company
All assets, liabilities and attendant rights will be transferred
from MC to MC Data Plus.
(7) Expectations Regarding Fulfillment of Obligations
There are no concerns regarding MC Data Plus' fulfilment of
obligations upon completion of the company split.
3. Outline of the Parties Involved
Mitsubishi Corporation MC Data Plus
(Splitting Company) (Successor Company)
--------------------------- ------------------------ ------------------------
(1) Company Name Mitsubishi Corporation MC Data Plus
--------------------------- ------------------------ ------------------------
(2) Headquarters Chiyoda-ku, Tokyo, Chiyoda-ku, Tokyo,
Japan Japan
--------------------------- ------------------------ ------------------------
(3) Representative Ken Kobayashi, Mitsuteru Akiyama,
President & CEO President & CEO
--------------------------- ------------------------ ------------------------
(4) Business Develops and operates Provides cloud
a range of businesses computing and data
across seven domains, analysis services
namely: environmental for the construction
and infrastructure industry with the
business, industrial aim of increasing
finance and logistics, efficiency and
energy, metals, labor-saving in
machinery, chemicals, the sector.
food business and
other daily living
essentials and
an additional area
that focuses on
business-related
services.
--------------------------- ------------------------ ------------------------
(5) Capital 204,447 million 30,000 yen
yen
--------------------------- ------------------------ ------------------------
(6) Date Founded April 1, 1950 April 21, 2015
--------------------------- ------------------------ ------------------------
(7) Shares of
Common Stock
Issued 1,653,505,751 1
--------------------------- ------------------------ ------------------------
(8) Fiscal Year March 31 March 31
Ends
--------------------------- ------------------------ ------------------------
(9) Shareholding Japan Trust Services Mitsubishi Corporation,
Bank, 7.17% 100%
--------------------------- ------------------------ ------------------------
Current Financial As of March 2014 As of April 21
Situation (consolidated) 2015
--------------------------- ------------------------ ------------------------
(10) Net Assets 5,067,666 million 0 yen
yen
--------------------------- ------------------------ ------------------------
(11) Total Assets 15,901,125 million 0 yen
yen
--------------------------- ------------------------ ------------------------
(12) Net Assets 3,074.03 yen 0 yen
Per Share
--------------------------- ------------------------ ------------------------
(13) Operating 76,351 hundred -
Transactions million yen(1)
--------------------------- ------------------------ ------------------------
(14) Operating - (2) -
Income
--------------------------- ------------------------ ------------------------
(15) Net Income 3,613 hundred million -
for Current yen
Period
--------------------------- ------------------------ ------------------------
(16) Net Income 219.30 yen -
Per Share
for Current Period
--------------------------- ------------------------ ------------------------
(1) Operating transactions records revenue for the period based
on IFRS.
(2) Operating income is not recorded under IFRS, which MC
adopted in March 2014.
Outline of the Business to Be Transferred
(1) Details of Business to be Transferred
Cloud based application services aimed at improving efficiency
of operations and labor management in Japan's construction
industry.
(2) Business Performance of Operating Unit to Be Transferred (as
of March 31, 2014)
Net Sales: 1,026 million yen
(3) Items and Amounts of Assets to Be Transferred (As of
December 31, 2014)
Assets Liabilities
----------------------- ---------------------------------------
Item Book Value Item Book Value
-------- ------------- ------------------ -------------------
Current 95million Current 522million
Assets yen Liabilities yen
-------- ------------- ------------------ -------------------
Fixed 570million Fixed Liabilities 0million yen
Assets yen
-------- ------------- ------------------ -------------------
TOTAL 665million TOTAL 522million
yen yen
-------- ------------- ------------------ -------------------
(4) Expected Status of Companies Following the Split
Once the company split takes effect on July 1, 2015, INTEC and
SIGMAXYZ will each invest 15.6% and 10% respectively in MC Data
Plus, with MC holding the remaining 74.4%, making MC Data Plus a
new subsidiary, continuing to operate under the umbrella of MC.
MC's official company name, headquarters, executive appointments,
business description, capital and accounting period will not change
following the company split, however, details for MC Data Plus are
as follows.
(i) Headquarters: Minato-ku, Tokyo, Japan (as of July 1, 2015)
(ii) Capital: Approximately 300 million yen (as of July 1, 2015)
(5) Outlook for MC
The company split is expected to have negligible impact on MC's
performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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