Mitsubishi Corporation Changing Status of MC Subsidiary (Lawson, Inc.)

RNS Number : 9460A

Mitsubishi Corporation

19 August 2024

 

 

Translation of report field with the Tokyo Stock Exchange on August 19^th , 2024

 

(Progress of matters for disclosure )

Notification Regarding Changing Status of MC Subsidiary (Lawson, Inc.) into that of Equity-method Affiliate Company

 

In “Notification Regarding Changing Status of MC Subsidiary (Lawson, Inc.) into that of Equity-method Affiliate Company” as of February 6^th 2024, Mitsubishi Corporation (MC) announced that Lawson, Inc. (Lawson)'s status in MC Group shall change from MCfs consolidated subsidiary to its equity-method affiliate. In connection with this, the share consolidation (Share Consolidation) of Lawsonfs common stock (Lawsonfs Stock) pertaining to the squeeze-out procedures to make MC and KDDI Corporation (KDDI) have full ownership of Lawson became effective, and the transfer to KDDI of the Lawsonfs Stock, the number of which is equivalent to the sum of any fractions of less than one share that result from the Share Consolidation, has been completed on  15^th August and confirmed today. Then MC and KDDI each have obtained a 50% share of Lawson's voting rights.

 

As a result, all terms and conditions of a Shareholders Agreement between MC and KDDI as of February 6^th 2024 concerning joint operation of Lawson Group has taken effect, and Lawson has become MC's equity-method affiliate on 15^th Aug. 

 

Due to the Lawson's status change from MC's consolidated subsidiary to MC's equity-method affiliate, it is expected that MC will recognize gains including the revaluation gain of 12.32 billion yen (after tax) with respect to the remaining equity in Lawson in this consolidated accounting year; however, P/L estimates and actual performance figures may differ due to book-value changes  at the time of the said status change and other factors.

 

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