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TSE Filings 2000
Sale of Investment Securities
March 8, 2000
This document is an English translation of a statement written initially in Japanese.
The Japanese original should be considered the primary version.
ITOCHU Corporation sold shares in its subsidiary ITOCHU TECHNO-SCIENCE Corporation. Due to this sale, ITOCHU Corporation is increasing its earnings projections for the current fiscal year.
1. Transaction Details
(1) Shares sold |
399,600 shares of common stock in ITOCHU TECHNO-SCIENCE Corporation (following the sale, ITOCHU holds 11,910,000 shares, representing 58.1% of all shares outstanding) |
|---|---|
(2) Book value of shares sold |
¥16 million |
(3) Total proceeds |
¥38,761 million |
(4) Capital gain |
¥38,745 million |
(5) Method of payment |
Cash |
2. Sales Method
A securities company
3. Date of Delivery
Tuesday, March 7, 2000
4. Reason for Sale
Proceeds from this sale will be used by ITOCHU Corporation to increase equity and improve the company's financial position. Proceeds will also be used for investments in new businesses in the future.
5. Projected Results for ITOCHU Corporation in Fiscal Year Ending March 31, 2000
(1) Consolidated
Due to gains from this sale and sale executed with subsidiaries and announced on December 21, 1999, the projected consolidated result for this fiscal year has been revised as follows.
Fiscal Year 2000 (April 1, 1999 - March 31, 2000)
Net Income |
|
|---|---|
Forecast on December 14, 1999 (A) |
(110.0) |
Revision (B) |
(85.0) |
Change (B-A) |
25.0 |
(Reference) Fiscal 1999 (April 1, 1998 - March 31, 1999)
Net Income |
(34.1) |
|---|
(2) Non-consolidated
Due to gains from this sale, the projected non-consolidated result for this fiscal year has been revised as follows.
Fiscal Year 2000 (April 1, 1999 - March 31, 2000)
Net Income |
|
|---|---|
Forecast on November 18, 1999 (A) |
(183.0) |
Revision (B) |
(173.0) |
Change (B-A) |
10.0 |
(Reference) Fiscal 1999 (April 1, 1998 - March 31, 1999)
Net Income |
2.1 |
|---|
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