Notice concerning Planned Partial Sale of SUMCO Shares and Subsequent Change in Scope of NSSMC’s Equity-Method Affiliates
Feb. 09, 2017
Nippon Steel & Sumitomo Metal Corporation
Notice concerning Planned Partial Sale of SUMCO Shares
and Subsequent Change in Scope of NSSMC’s Equity-Method Affiliates
Today, Nippon Steel & Sumitomo Metal Corporation (“NSSMC”) has decided to sell a part of its shareholding in SUMCO Corporation (“SUMCO”; Code Number 3436, First Section of the Tokyo Stock Exchange) by means of a block trade through a securities company. After the execution of the sale, SUMCO will be out of the scope of NSSMC’s equity-method affiliates.
1.Reason for the Sale
NSSMC has been striving to improve its financial structure through asset reduction and other means, as well as promoting measures such as strengthening its business competitiveness and expanding overseas business. NSSMC has decided to implement the sale, as it matches its group strategy and financial strategy.
2. Number of Shares to be Sold and Number of Shares Held before and after the Sale
|(1)||Number of shares to be sold||14,586,800 shares (4.97% of voting rights)|
|(2)||Number of shares held before the sale|| 53,933,200 shares (18.39% of voting rights) |
|(3)||Number of shares held after the sale||39,346,400 shares (13.42% of voting rights)|
3. Planned Schedule for the Sale
|(1)||February 10, 2017||Conclusion of share transfer agreement concerning the sale|
|(2)||February 15, 2017|| Date of closing of the sale |
4. Impact on NSSMC’s Financial Results
The impact of the sale on NSSMC’s consolidated financial results is immaterial and has already been incorporated in the consolidated earnings forecasts released on February 2, 2017.
For more information, please contact:
Public Relations Center, General Administration Division
TEL: +81-6867-2135, 2146, 2977, 3419