15 May 2001
Company:
Information Services International - Dentsu, Ltd. (ISID)
Representative: Jutaro Takinami, President & CEO
(Code: 4812, TSE, 1st Section)
Contact: Yutaka Kimura, Senior Executive Director
(Tel.: 03-3228-6160)
ISID to Apply Equity Method to Kanematsu Electronics Ltd. (KEL)
After Acquiring 20% of KEL's Shares
After Acquiring 20% of KEL's Shares
At the meeting of the board of directors held on May 15, 2001, ISID resolved to purchase all 1,980,000 shares in the third-party allocation by Kanematsu Electronics Ltd. (KEL; President and CEO: Noboru Kinoshita). ISID currently holds 14.1% (3,750,000 shares) of KEL's outstanding shares, and the upcoming purchase will increase ISID's equity stake to 20.0% (5,730,000 shares) of total outstanding shares. As a result, ISID will apply the equity method to KEL following the purchase. ISID's business and capital alliances with KEL were announced on March 22, 2001.
[Profile of Kanematsu Electronics Ltd.]
Trading Name: Kanematsu Electronics Ltd.
Head Office: 2-17-5 Kyobashi, Chuo-ku, Tokyo, JAPAN 104-8338
Representative: Noboru Kinoshita, President and CEO
Founded: July 23, 1968
Capital: 8.43725 billion yen
Sales: 45.492 billion yen (FY1999, consolidated basis)
Employees: 573 (as of March 2001)
[Details of Acquisition]
- Date of Acquisition of Shares: June 5, 2001
- Number of Shares to be Acquired: 1,980,000 shares
- Acquisition Amount: 1.188 billion yen
- Equity Ratio Following Acquisition: 20.0% (5,730,000 shares)
- Funding for Purchase: Own capital
