29. June, 2007
For Reference:
Announcement Regarding Change of Disclosed Matter Related to a Subsidiary
Tokyo, June 29, 2007 - SANYO Electric Co., Ltd. (SANYO), today announced a change in its previously announced decision to liquidate Qingdao SANYO Electric Co., Ltd., and instead to transfer its stock holdings, as the result of a Board of Directors meeting.
Changes
1. Outline of Subsidiary for Share Transfer
| Company Name: |
Qingdao SANYO Electric Co., Ltd. |
| Location: |
Economic & Technological Development Zone, Qingdao, China |
| Representative: |
Yoshitaka Muraoka |
| Established: |
May 2002 |
| Capital: |
6.45 billion yen |
| Settling Term: |
December |
| Principal Shareholder: |
100% owned by SANYO Electric Co., Ltd. |
| Business Contents: |
Production and sales of reciprocating-type inverter compressors for refrigerators |
2. Reason for Change
The decision to liquidate Qingdao SANYO Electric Co., Ltd. was made as a pillar of structural transformation of the Group's compressor business and under plans focusing management resources on the rotary- and scroll-type compressor business' future growth and increasing competitiveness; however, due to the transferring capital that makes the costs involved reduced, and because of an agreement reached, it was decided to transfer the shares held.
3. Outline of Shares Receiving Company
| Company Name: |
Shanghai Highly (Group) Co., Ltd. |
| Location: |
JinQiao Export Processing Zone, Pudong New District, Shanghai, China |
| Representative: |
Yu Youyong |
| Established: |
June 1992 |
| Capital: |
456.6 million yen (Current as of December 31, 2005) |
| Settling Term: |
December |
| Principal Shareholder: |
29.67% owned by Shanghai Electric Group Co., Ltd. |
| Business Contents: |
Production and sales of freezer equipment and parts, automobile parts, consumer electronic devices and parts, etc. |
| Relationship to SANYO |
None |
4. Share Holding Before and After the Transfer
| SANYO % of Shares Before Transfer |
100% |
| % of Shares for Transfer |
100% |
| SANYO % of Shares After Transfer |
0% |
5. Schedule of Events
| July 2007 |
Conclusion of Contract |
| September 2007 |
Complete Transfer |
6. Forecast
No significant impact on financial results is expected from this transfer.
For Press Contact:(English Only)
- Global Communications Department
Corporate Communications Headquarters
SANYO Electric Co., Ltd.
Tel: +81-3-6414-8615 Fax: +81-3-6414-8720
E-mail: i_press.1014390@sanyo.co.jp
