Sumitomo : Resolution of the capital reduction of MUSA
January 12, 2017 at 09:40 pm EST
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An extraordinary shareholders' meeting of Mineração Usiminas S.A. (MUSA), of which Sumitomo Corporation owns 30% shares, was held on January 10(Brazil Time), in order to resolve the capital reduction of BRL1.0Billion. Sumitomo Corporation, after due analysis and consideration of MUSA's current situation and potential new scenarios, understood that such capital reduction does not meet MUSA's interest and then exercised its Veto right. Despite that, Usiminas, the 70% shareholder of MUSA, made public Material Fact, in which it claimed that exercise of Veto right by Sumitomo Corporation was abusive and it is to seek invalidation through legal means. Sumitomo Corporation exercised this Veto exclusively considering MUSA´s interests and properly in accordance with the relevant provision of the shareholders agreement of MUSA and of the applicable Brazilian Law provisions. As a result, Sumitomo Corporation is sure that the exercise of the Veto right by Sumitomo Corporation cannot be considered abusive.
«Reference Material»
AGE da MUSA de 11/01/2017(32.7 KB/PDF)
Sumitomo Corporation published this content on 13 January 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 January 2017 02:40:09 UTC.
Original documenthttp://www.sumitomocorp.co.jp/english/news/detail/id=29699
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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%).
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