BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Hitachi Ltd. (HTHIF.PK, HTHIY.PK) has executed an agreement regarding the transfer of a part of shares of Hitachi Construction Machinery, a subsidiary of the company. As part of the agreement, a part of shares owned by Hitachi will be transferred to JIP Consortium, a special purpose company. As a result, Hitachi's ownership ratio of voting shares for Hitachi Construction Machinery will be 25.4%. Hitachi Construction Machinery will become an equity method associate of Hitachi.
Hitachi said it plans to use the proceeds of approximately 182.4 billion yen as a source of funds for strengthening its financial base, returning to shareholders, and investing in growth opportunities.
Hitachi noted that, as a result of the share transfer, the company plans to post an extraordinary gain of approximately 150 billion yen on sale of affiliated companies' stock in its unconsolidated statements of operations, and a gain of approximately 77 billion yen on business reorganization and others in its consolidated accounts as other income for fiscal year ending March 31, 2023.
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