SEVEN & I HOLDINGS CO., LTD. August 3, 2017
To whom it may concern:
Company Name: Seven & i Holdings Co., Ltd. Representative: Ryuichi Isaka
President & Representative Director (Code No. 3382/First Section of the Tokyo Stock Exchange)
Notice Regarding Agreement to Transfer Business of Sogo & Seibu's Sogo Kobe and Seibu Takatsuki StoresSeven & i Holdings Co., Ltd. ("the Company") announced today that the Company, Sogo & Seibu Co., Ltd. ("Sogo & Seibu") and H2O Retailing Corporation ("H2O") concluded a final agreement regarding the transfer ("Succession") of
Sogo & Seibu's Sogo Kobe and Seibu Takatsuki stores ("Applicable businesses") to the H2O Group, based on the Notice
Regarding Memorandum of Understanding to Transfer Business of Sogo & Seibu's Sogo Kobe and Seibu Takatsuki with H2O Retailing Corporation issued on May 11, 2017. Details are as follows:
1．Outline of the SuccessionDetails of the Business to be Transferred
Business and assets to the Sogo Kobe and Seibu Takatsuki stores
Transfer Method
Sogo Kobe and Seibu Takatsuki's department store business and Sogo Kobe's assets will be transferred through an absorption type company split, with Sogo & Seibu as the splitting company and H2O's wholly owned subsidiary H2O Asset Management as the succeeding company.
For certain of Sogo Kobe's land holdings and buildings and Seibu Takatsuki's land holdings and buildings , all of the issued shares of the Company's wholly owned subsidiary Shinko Kanri are to be transferred to H2O Asset Management after conducting the absorption type company split with Sogo & Seibu as the splitting company and Shinko Kanri as the succeeding company.
Sogo Kobe and Seibu Takatsuki are to continue their operations under their current store names for the time being, even after their transfer to H2O Asset Management.
Schedule
Date of the Final Agreement | August 3, 2017 |
Date of Agreement on Absorption-Type Split | August 16, 2017 (Planned) |
Date of Agreement on Share Transfer Relevant | August 16, 2017 (Planned) |
Effective Date of Succession | October 1, 2017 (Planned) |
-
Overview of Companies Involved
Splitting company (as of February 28, 2017)
(1)
Name
Sogo & Seibu Co., Ltd.
(2)
Location
5-25 Nibancho, Chiyoda-ku, Tokyo
(3)
Title and Name of Representative
President and Representative Director: Takuji Hayashi
(4)
Details of the Business
Department store operations
(5)
Capital
10,000 million yen
(6)
Business Year
February
(7)
Net Assets
93,827 million yen
(8)
Gross Assets
424,143 million yen
Succeeding company (as of March 31, 2017)
(1)
Name
H2O Asset Management Co., Ltd.
(2)
Location
1-1-4 Hanazono-minami, Nishinari-ku, Osaka-shi, Osaka
(3)
Title and Name of Representative
President and Representative Director: Hiroyasu Kuromatsu
(4)
Details of the Business
Real estate management and development
(5)
Capital
100 million yen
(6)
Business Year
March
(7)
Consolidated Net Assets
51,176 million yen
(8)
Consolidated Gross Assets
101,724 million yen
Succeeding company (as of August 3, 2017)
(1)
Name
Shinko Kanri Co., Ltd.
(2)
Location
8-8 Nibancho, Chiyoda-ku, Tokyo
(3)
Title and Name of Representative
President and Representative Director: Yasunori Ito
(4)
Details of the Business
Real estate purchase and sale, management
(5)
Capital
1 million yen
(6)
Business Year
February
- Outlook
The influence of the succession on the Company's consolidated financial results for FY2018 is currently being examined. Going forward, the Company will promptly make an announcement should there be an influence on financial results.
Seven & I Holdings Co. Ltd. published this content on 03 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 August 2017 08:23:03 UTC.
Original documenthttp://www.7andi.com/dbps_data/_material_/localhost/pdf/20170803_01_en.pdf.pdf
Public permalinkhttp://www.publicnow.com/view/FF66B47D7D0059EA9B9010F7F677BBB2D6C87BA1
