Ichikoh Industries : Notice Regarding Changes in Subsidiary
March 27, 2024 at 06:13 am
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March 27th, 2024
Company Name: Ichikoh Industries, Ltd. Name of Representative:
Representative Director, President & CEO
Christophe Vilatte
(Code No. 7244 TSE Prime)
Contact:General Manager of Corporate
Planning Department
Masaki Takamori
(Tel︓0463-96-1442)
Notice Regarding Changes in Subsidiary
Based on the resolution of the Board of Directors held today, the Company decided to sell the shares of PIAA Corporation (hereinafter "PIAA"), a wholly owned subsidiary of the Company, to Usami Koyu Co.,Ltd.(hereinafter "Usami").
1. Reason of the change
The Company aims to improve competitiveness by concentrating management resources on its core business, the Lighting business. On the other hand, PIAA aims to grow its business through the synergy effects of the Usami group.
2. Method of the change
Transfer of 100% shares held by the Company
3. Overview of the Subsidiary to be changed
(1)
Company name
PIAA Corporation
(2)
Location
Shiratoribashi Mikasa bldg., 1-12-15, Suido, Bunkyo-ku, Tokyo
(3)
Representative title and name
Representative Director and PresidentHiroyasu Terada
(4)
Business
Sales of lamps and bulbs, manufacturing and sales of wiper blades, sales of filter elements, sales of roof rack, etc.
(5)
Capital
475 million yen
(6)
Date of establishment
July 1, 1963
(7)
Major shareholders and shareholding ratio
The Company 100%
(8)
Relationship between the listed company and the target company
Capital relationship
100% subsidiary of the Company
Human resources relationship
Secondment of 3 executives and 10 employees to the target company from the Company.
Secondment of 1 employees from the target company to the Company
Business relationship
Sales from the target company to the Company are approximately 1.7 billion yen (FY2023 ending in December).
The Company sells (supplies) to the target company (a small amount).
(9)
Business results and financial status of the target company for the past three years
Fiscal year
FY2021 ending Dec.
FY2022 ending Dec.
FY2023 ending Dec.
Net Assets
1,684
1,955
2,212
Total Assets
7,088
6,832
6,913
Net assets per share
1,347 yen
1,564 yen
1,770 yen
Sales
8,417
9,008
9,751
Operating Income
461
467
357
Ordinary Income
458
451
357
Net Income
755
258
260
Net Income per share
604.76 yen
206.90 yen
208.02 yen
Dividend per share
-
-
-
(Unit: million yen. Except those with special note)
4. Overview of the other party to the stock transfer
(1)
Company name
Usami Koyu Corporation
(2)
Location
1-8 Umedacho, Tsushima-shi, Aichi
(3)
Representative title and name
Representative Director and Chairman Saburo Usami Representative Director and Deputy Chairman Yuko Usami Representative Director and President Tomoya Usami
(4)
Business
Management and capital management for the entire Usami Group Wholesale of petroleum products to group companies
(5)
Capital
10 million yen
(6)
Date of establishment
October 23, 1979
(7)
Net Asset
99,425 million yen (FY2022 ending in September)
(8)
Total Assets
198,464 million yen (FY2022 ending in September)
(9)
Major shareholders and shareholding ratio
Usami Co.,Ltd (100%)
(10)
Relationship between the Listed company and the target company
Capital relationship
none
Human resources relationship
none
Business relationship
none
Applicability to related parties
none
5. Details of the shares transferred
Shares of PIAA Corporation
(1)
Number of shares held before transfer
1,250,000 shares (100%)
(2)
Number of shares to sale
1,250,000 shares
(3)
Sale price
3,500 million yen
(4)
Number of shares held after transfer
none
6. Schedule of the transfer
(1)
Board of Directors resolution date
March 27, 2024
(2)
Date of agreement
March 27, 2024
(3)
Share transfer execution date
August 30, 2024 (plan)
7. Future outlook
The Company will proceed with a smooth business transition until the transfer to Usami is concluded.
The profit associated with this share transfer has not been included into the consolidated business forecast for the current fiscal year announced on February 14, 2024. As related expenses are also assumed, the Company will review the business performance forecast as soon as the amount becomes clear, if necessary.
End
(Reference) Consolidated performance forecast for the current fiscal year (announced on February 14, 2024) and consolidated results for the previous fiscal year
(Unit: million yen)
Consolidated sales
Consolidated operating income
Consolidated ordinary income
Net income attributable to parent company shareholder
Consolidated performance forecast for the current fiscal year (FY2024 ending December)
129,000
6,700
7,500
5,000
Previous consolidated results
(FY2023 ending December)
145,897
7,422
8,130
7,838
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Ichikoh Industries Ltd. published this content on
27 March 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
27 March 2024 06:12:25 UTC.
ICHIKOH INDUSTRIES, LTD. is a Japan-based company mainly engaged in the manufacture and sale of automobile components. The Company operates in two business segments. The Automotive Parts business segment is mainly engaged in manufacture and sales of automotive lighting products and mirror products to automobile manufacturers. The Supplies business segment is engaged in manufacture and sales of automotive valves and wipers mainly for the aftermarket.