ITOCHU Announces Sale of Shares in an Affiliated Company
January 18, 2011
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that ITOCHU has sold shares in Yoshinoya Holdings Co., Ltd. (headquartered in Kita-ku, Tokyo; Shuji Abe, President; hereinafter “Yoshinoya Holdings”) that ITOCHU owned. Details are as follows:
1. Details of the sale of shares
|Number of shares sold||132,858 shares (the ratio to the total number of shares issued: 20.06%)|
|Date of sale||January 18, 2011|
|Number of shares owned after sale||0 shares (the ratio to the total number of shares issued: 0.00%)|
- The total number of shares issued is as of March 31, 2010.
2. Reasons for the sale of shares
The ITOCHU Group acquired shares in Yoshinoya Holdings (then Yoshinoya D&C Co., Ltd.) in 2000 and has been working to build a cooperative relationship and achieve the mutual objectives of the alliance.
ITOCHU determined that it has formed a relationship by which it will be able to continue to advance efforts to strengthen the business relationship, centering on the supply of foodstuffs. As a consequence, it has decided to sell the shares as part of its policy of actively replacing assets to enhance its earnings base, an important initiative in the Medium-Term Management Plan Frontiere 2010.
3. Impact on financial results
The impact of the sale of shares on the financial results of ITOCHU for the fiscal year ending March 31, 2011 will be minor.
4. Profile of Yoshinoya Holdings
|Name||Yoshinoya Holdings Co., Ltd.|
|Main business||Operation of food service business|
|Established||December 27, 1958|
|Head office||1-20-1 Akabane-minami, Kita-ku, Tokyo|