Sumitomo : Notice Regarding Change in Specified Subsidiary
July 06, 2017 at 03:40 am EDT
Share
For Immediate Release To whom it may concern
July 6, 2017
Sumitomo Corporation Kuniharu Nakamura,
Representative Director, President and Chief Executive Officer Code No: 8053 Tokyo Stock Exchange (TSE), 1st Section
Contact: Kenji Shinmori General Manager,
Corporate Communications Dept.
Tel. +81-3-5166-3100
Notice Regarding Change in Specified Subsidiary
Sumitomo Corporation ("the Company") hereby announces as follows regarding a change in its specified subsidiary.
Reason for Change
Sumitomo Corporation of Americas, a wholly owned subsidiary of the Company, established USPO Miami, LLC with the aim of holding real estate assets in the United States for undertaking real estate business, and USPO Miami, LLC became a specified subsidiary of the Company by subscription to the increased capital dated May 19, 2016. However, Sumitomo Corporation of Americas transferred its 61.1% share, and as a result, USPO Miami, LLC ceased to be the Company's specified subsidiary.
Outline of the Specified Subsidiary
(１) Company name
USPO Miami, LLC
(２) Registered office
300 Madison Avenue New York, NY 10017
(３) Name of representative
President Tomonori Wada
(４) Nature of business
Real estate business
(５) Capital
US$218,604,313.14 (before the change)
(６) Date of establishment
April 12, 2016
(７) Major shareholders and
Ownership percentage
Sumitomo Corporation of Americas 100%
(８) The Company's relationship with USPO Miami, LLC
Capital
Wholly owned subsidiary company of
Sumitomo Corporation of Americas
Personnel
Directors from the Company are on the
board of USPO Miami, LCC
Business
No notable business relationships between
two companies
(９)Operating results and financial conditions for the last year
Fiscal year
Fiscal year ended
March 2017 (US$ 1,000)
Net assets
226,120
Total assets
226,120
Net assets per share
US$ 22,612
Revenues
21,923
Operating profit
3,513
Ordinary income
3,513
Net income
2,108
Net income per share
US$ 211
Dividends per share
US$ 211
３．Outline of the transferee of shares
The share was transferred to USPO Master Fund, LLC, which was established as an investment vehicle of a private fund constituted with aim of real estate investment in the United States, and other two companies based in the United States. The details of information are not disclosed due to request from the transferees.
The Company indirectly owns 0.8% share of USPO Master Fund, LLC and the Company has no relevant personal or business relationships with USPO Master Fund, LLC that are required to be stated. The Company has no relevant capital, personal, or business relationships with the other two companies that are required to be stated
４. Number of shares transferred and pre- and post-transfer shareholding status
Number of shares held before the transfer 10,000 share
（ownership ratio ：100.0%）
Number of shares transferred 6,110 share
Transfer price US $59,693,000
Number of shares held after the transfer 3,890 shares
（ownership ratio： 38.9%）
５．Schedule
Date of resolution: June 5, 2017
Date of conclusion of share transfer agreement and receivable transfer agreement:
June 29, 2017
Date of share transfer/receivables: June 29, 2017（EST）
６．Future outlook
The transaction is expected to have negligible impact on the Company's consolidated performance.
Sumitomo Corporation published this content on 06 July 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 July 2017 07:40:09 UTC.
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Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
