Mitsubishi Corporation Transfer of Shares in Consolidated Subsidiary (1187F)
17 Março 2022 - 5:36AM
UK Regulatory
TIDM17NX
RNS Number : 1187F
Mitsubishi Corporation
17 March 2022
Translation of report filed with the Tokyo Stock Exchange on
March 17, 2022
March 17(th) , 2022
To whom it may concern:
Company name: Mitsubishi Corporation
Representative: Takehiko Kakiuchi, President and Chief Executive Officer
Code Number: 8058
Contact: Takuma Okamoto, Press Relations Team Leader, Corporate
Communications Dept.
(TEL:+81-3-3210-2171)
Notice Regarding Transfer of Shares in Consolidated
Subsidiary
Mitsubishi Corporation (MC) hereby announces today that its
shares (51% of all outstanding stock) held in its consolidated
subsidiary Mitsubishi Corp.-UBS Realty Inc. (MCUBSR) will be
transferred to 76KK, an indirect subsidiary of KKR & CO. INC.
(together with its subsidiaries, hereafter "KKR"). 76KK is also in
agreement to acquire 100% of MCUBSR shares owned by UBS Asset
Management AG (49% of all outstanding stock), which in combination
makes MCUBSR a wholly owned subsidiary of 76KK.
1. Reasons for Share Transfer
MC has been involved in the real estate management business in
the J-REIT market through MC-UBSR, which was established in 2000 as
a joint venture with UBS Asset Management AG. MCUBSR's total assets
under management through the Japan Metropolitan Fund Investment
Corporation and Industrial & Infrastructure Fund Investment
Corporation has expanded to 1.7 trillion yen, establishing itself
as one of the largest companies in the industry to manage listed
REITs. MC continuously strives to optimize and strengthen its
business portfolio, and has identified private REITs, private
funds, and overseas asset management as the main growth pillars of
its real estate asset management business. It has therefore
determined the transfer of MCUBSR to KKR to be in its best
interest.
2. Outline of Subsidiary To Be Transferred
(1) Name Mitsubishi Corp.-UBS Realty Inc.
(2) Address Chiyoda-ku, Tokyo
---- --------------------------- ----------------------------------------------------
(3) Title and Name of Katsuji Okamoto, President & CEO Representative
Representative Director
---- --------------------------- ----------------------------------------------------
(4) Description of Business Asset Management
---- --------------------------- ----------------------------------------------------
(5) Capital 500 million yen
---- --------------------------- ----------------------------------------------------
(6) Date Established November 2000 (previously named MC Asset
Management Ltd.)
---- --------------------------- ----------------------------------------------------
(7) Main Shareholders Mitsubishi Corporation 51%; UBS Asset Management
and Share Ownership AG 49%
Ratio
---- --------------------- ----------------------------------------------------------
(8) Relationship Between Capital MC holds 51% of voting rights
Listed Company and Relationship in subsidiary
Subsidiary
---- --------------------------- -------------- ------------------------------------
Personnel MC has seconded four Directors
Relationship (including the Representative
Director), two Audit & Supervisory
Board Members, and seven employees
(including part-time)
---- --------------------- ---- -------------- ------------------------------------
Business N/A
Relationship
---- --------------------- ---- -------------- ------------------------------------
(9) Operating results and financial position for the most recent
three fiscal years
---- ---------------------------------------------------------------------------------
MC-UBSR is not obliged to and does not intend to disclose
financial statements
---- ---------------------------------------------------------------------------------
3. Outline of Buyer
(1) Name 76KK
(2) Address Chiyoda-ku, Tokyo
----- ------------------------ -----------------------------------------
(3) Title and Name of Billy Butcher, Representative Director
Representative
----- ------------------------ -----------------------------------------
(4) Description of Business Holding Company
----- ------------------------ -----------------------------------------
(5) Capital 5,000 yen (as of March 17, 2022)
----- ------------------------ -----------------------------------------
(6) Date Established February 25(th) , 2022
----- ------------------------ -----------------------------------------
(7) Net Assets 5,000 yen (as of March 17, 2022)
----- ------------------------ -----------------------------------------
(8) Total Assets 5,000 yen (as of March 17, 2022)
----- ------------------------ -----------------------------------------
(9) Major Shareholders KKR Asia LLC 100%(Note)
and Share Ownership
Ratio
----- ------------------------ -----------------------------------------
(10) Relationship Between Capital N/A
MC and Buyer Relationship
----- ------------------------ ------------------------------- --------
Personnel N/A
Relationship
----- ------------------------ ------------------------------- --------
Business N/A
Relationship
------------------------------- --------
Status N/A
of Related
Parties
----- ------------------------ ------------------------------- --------
4. Details Regarding Value of Shares and Number of Shares Held
Before and After the Transfer
(1) Number of Shares 5,100
Held Before (Total Number of Voting Rights: 5,100)
Transfer (Voting Rights Ratio: 51.0 %)
(2) Number of Shares 5,100
To Be Transferred
(Total Number of Voting Rights: 5,100)
---- --------------------- ----------------------------------------
(3) Price of Shares 116 billion yen
To Be Transferred
---- --------------------- ----------------------------------------
(4) Number of Shares 0
Held After Transfer (Total Number of Voting Rights: 0)
(Voting Rights Ratio: 0%)
---- --------------------- ----------------------------------------
Note 1: The gain MC expects to record from the share transfer in
the fiscal year ending March 31, 2023 will exceed more than 30 % of
the total profit attributable to owners of the parent of the
previous year.
Note 2: All of MC's shares held in Japan Metropolitan Fund
Investment Corporation and Industrial & Infrastructure Fund
Investment Corporation will also be transferred to 76KK.
5. Date of Change
(1) Date of Execution March 17(th) , 2022
of Share Transfer
Agreement
(2) Date of Transfer April 2022 (Tentative)
of Shares
---- ------------------- -----------------------
6. Outlook
Following the transfer of its shares in MC-UBSR, MC will
continue to expand its real estate development and asset management
business, led by its wholly owned subsidiaries, Mitsubishi
Corporation Urban Development, Inc. and Diamond Realty Management
Inc. In addition to leveraging its knowledge in real estate-related
businesses in Japan, MC will accelerate its initiatives in overseas
real estate and large-scale urban development/management
business.
End
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END
MSCUBOWRUSUOARR
(END) Dow Jones Newswires
March 17, 2022 04:36 ET (08:36 GMT)
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