Mitsui & Co., Ltd. ("Mitsui") (Head Office: Tokyo; President and CEO: Masami Iijima) would like to announce the completion of additional stake acquisition in TPV Technology Limited ("TPV") (Listed on The Stock Exchange of Hong Kong Limited and Singapore Exchange Securities Trading Limited) effective on March 25, 2011 (the "Transaction").
In 2010, Mitsui acquired 15.05% of stake in TPV via third party allotment and mandatory cash offer. Mitsui, at this time, additionally acquired 5.14% stake in TPV through the trust agreement with the financial institution, resulting in holding 20.18% stake in TPV, making TPV a Mitsui's associated company. Mitsui's additional investment is approximately ¥7 billion, with total investment amount of approximately ¥29 billion.
Mitsui envisages further strengthening its business initiatives with TPV and its related group companies in order to expand its business in the growing display related market.
1. Change in Mitsui's Shareholdings in TPV as a Result of the Transaction
|Before the Transaction||353,008,590||15.05%|
|After the Transaction||473,482,590||20.18%|
2. Date of the Completion of the Transaction
March 25, 2011
3. TPV Overview
|Company Name||TPV Technology Limited|
|Registered Office||Canon's Court 22, Victoria Street, Hamilton, Bermuda|
|Representative||Chairman and CEO: Jason Hsuan|
|Main Business||Design and manufacturing of display related products|
|Issued Share Capital||US$1,796 million (As of December 2010)|
|Sales||US$11,632 million (FY December 2010)|
|Major Shareholders and Ownership
(After the Transaction)
|China Electronics Corporation group 35.05%
The Transaction is not expected to have any significant impact on Mitsui's consolidated financial results of fiscal year ending March 2011.
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.