Itochu : Announcement of a Change in Specified Subsidiary
September 15, 2023 at 11:37 am IST
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September 15, 2023
This document is an English translation
of a statement written originally in Japanese. The Japanese original should be considered as the primary version.
ITOCHU Corporation
(Code No. 8001, Prime Market)
Representative Director and President and Chief Operating Officer: Keita Ishii
Contact: Suguru Amano
General Manager, Investor Relations Division (TEL. +81-3-3497-7295)
Announcement of a Change in Specified Subsidiary
ITOCHU Corporation (hereinafter referred to as "ITOCHU") has decided to additionally contribute to Digital Value Chain Partners GK (hereinafter referred to as "DVP"), a subsidiary of ITOCHU. ITOCHU hereby announces that in accordance with this contribution, DVP will become a specified subsidiary of ITOCHU, as set forth below.
1. Reason and Method for the Change
For the tender offer conducted from August 3, 2023 to September 14, 2023 by DVP for the common shares of ITOCHU Techno-Solutions Corporation (hereinafter referred to as the "Tender Offer"), 57,099,146 shares were offered for sale in response to the Tender Offer. For the settlement of the Tender Offer, ITOCHU has decided to additionally contribute to DVP as of September 20, 2023. Due to the Contribution above, the total amount of contribution to DVP will be 49,603 million yen, which is equivalent to ten-hundredths or more of the amount of the stated capital of ITOCHU. Therefore, DVP will become a specified subsidiary of ITOCHU.
2. Outline of the Changing Subsidiary
(1)
Name
Digital Value Chain Partners GK
(2)
Location
2-5-1Kita-Aoyama,Minato-ku, Tokyo
(3)
Title and Name of
Representative member: ITOCHU Corporation
Representative
(Person Acting in its capacity: Tatsushi Shingu)
1.
Consulting for the development of information processing
Description of
services business
(4)
2. Investment and loans to information processing services
Business Activities
business
3.
All functions incidental to the foregoing
(5)
Capital
10,000 yen
(6)
Date of Establishment
July 18, 2023
(7)
Major Shareholder and
ITOCHU
100%
Ownership Percentages
Capital
ITOCHU holds 100% stake of DVP.
Relationship
ITOCHU is the representative member of
(8)
Relationship with
Personnel
DVP, and one of ITOCHU's Executive
Officers concurrently serves as the person
ITOCHU
Relationship
acting in the capacity of the representative
member of DVP.
Business
N/A
Relationship
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(Note) Operating Results and Financial Conditions are not presented because the fiscal year has not yet ended.
3. Amount of Capital Contribution for the Subsidiary and Capital Contribution Ratio Before and After the Capital Contribution
Category
Amount Contributed by ITOCHU
Capital Contribution Ratio
Before Additional Capital
1 million yen
100%
Contribution
After Additional Capital
49,603 million yen
100%
Contribution
4.
Schedule
Date of Capital Contribution
September 20, 2023
5. Forecast of Consolidated Operating Results for the Fiscal Year Ending March 2024
The impact of this matter on the net profit attributable to ITOCHU for this fiscal year is not significant and the full-year forecast of the net profit attributable to ITOCHU remains unchanged from 780.0 billion yen for the fiscal year ending March 31, 2024.
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Disclaimer
Itochu Corporation published this content on 15 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2023 06:06:06 UTC.
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).
ITOCHU CORPORATION 
