For Reference Only:
Information regarding the Liquidation of Subsidiaries in Hong Kong
Tokyo, September 30, 2008 – Following today’s meeting of the Board of Directors, SANYO Electric Co., Ltd. (SANYO) made the decision to dissolve 6 companies in Hong Kong, all SANYO consolidated subsidiaries, as part of reforms for the Hong Kong regional subsidiary and affiliate companies.
1. Outline of Concerned Consolidated Subsidiaries
Outline of SANYO TECHNICAL SERVICE (H.K.) LIMITED
Company Name: |
SANYO TECHNICAL SERVICE (H.K.) LIMITED |
|---|---|
Place of Business: |
3rd Floor, China Aerospace Centre, 143 Hoi Bun Road, Kwun Tong Kowloon, Hong Kong |
Name of Representative: |
Hideyuki Kado |
Date of Establishment: |
April 2000 |
Capital: |
1,500,000 Hong Kong dollars |
Acounting Term: |
March |
Main Shareholder(s): |
Wholly owned by SANYO ELECTRIC (HONG KONG) LIMITED |
Description of Business |
Audio/Visual, Home Appliances, IT Products Repair, After service, as well as the sale of parts maintenance |
Outline of SANYO ENERGY (HONG KONG) COMPANY LIMITED
Company Name: |
SANYO ENERGY (HONG KONG) COMPANY LIMITED |
|---|---|
Place of Business: |
9th Floor, Chuan Kei Factory Building.,15-23,Kin Hong Street |
Name of Representative: |
Yasuhiro Kodaka |
Date of Establishment: |
June 1989 |
Capital: |
54,000,000 Hong Kong dollars |
Acounting Term: |
March |
Main Shareholder(s): |
Wholly owned by SANYO ELECTRIC (HONG KONG) LIMITED |
Description of Business |
Manufacture and sales of Cadmium batteries, twicell batteries, and the sales of Lithium-ion batteries |
Outline of Tottori SANYO Electric (HONG KONG) Limited
Company Name: |
Tottori SANYO Electric (HONG KONG) Limited |
|---|---|
Place of Business: |
10th Floor, Chuan Kei Factory Building, 15-23 Kin Hong Street |
Name of Representative: |
Takashi Nomura |
Date of Establishment: |
September 1990 |
Capital: |
60,000,000 Hong Kong dollars |
Acounting Term: |
March |
Main Shareholder(s): |
Wholly owned by SANYO ELECTRIC (HONG KONG) LIMITED |
Description of Business |
Manufacture and Sales of semiconductor products, Sales of fax machines |
Outline of SANYO COMMERCIAL REFRIGERATION INTERNATIONAL CO., LIMITED
Company Name: |
SANYO COMMERCIAL REFRIGERATION INTERNATIONAL CO., LIMITED |
|---|---|
Place of Business: |
Unit 702, 7/F., Citicorp Centre, 18 Whitfield Road, |
Name of Representative: |
Kageyuki Takatsuka |
Date of Establishment: |
July 1997 |
Capital: |
1,800,000 Hong Kong dollars |
Acounting Term: |
March |
Main Shareholder(s): |
Wholly owned by SANYO Electric Co., Ltd. |
Description of Business |
Import and sales of cold chain, food system equipment as well as commercial-use air conditioning systems, and afterservice |
Outline of SANYO Electronic Components (HK) Limited
Company Name: |
SANYO Electronic Components (HK) Limited |
|---|---|
Place of Business: |
Suite 3601-06, 36/F., Tower 6, The Gateway, Harbour |
Name of Representative: |
Hiroshige Ota |
Date of Establishment: |
September 2000 |
Capital: |
$100,000 US dollars |
Acounting Term: |
March |
Main Shareholder(s): |
SANYO Electric Co., Ltd. – 80% |
Description of Business |
Sales of electronic components, Support for China manufacturing companies |
Outline of SANYO OPTRONICS (HONG KONG) COMPANY LIMITED
Company Name: |
SANYO OPTRONICS (HONG KONG) COMPANY LIMITED |
|---|---|
Place of Business: |
Suites 2103-7,21/F,Prudential Tower, The Gateway,21 |
Name of Representative: |
Hiroshi Koyama |
Date of Establishment: |
April 1999 |
Capital: |
$9,343,750 US dollars |
Acounting Term: |
March |
Main Shareholder(s): |
Wholly owned by SANYO MediaTech |
Description of Business |
Consignment production and sales of optical pickups and related products |
2.Background and Reason for Dissolution
The above 6 companies were utilized in the reforms that took place in the Hong Kong region of business operations aiming at increasing cost-competitiveness and a more effective management structure in FY 2007. At this time, as the business operations have been reformed and sales operations transferred to SANYO Electric (H.K), it has been decided that the aforementioned 6 companies will be dissolved.
3.Schedule
- September 2008
- Resolution of Dissolution (tentative)
- September 2009
- Completion of Liquidation (tentative)
4.Regarding the forecast
The effects of the aforementioned dissolutions on both the consolidated and non-consolidated results are expected to be insignificant.
(For Reference) Outline of SANYO ELECTRIC (HONG KONG) LIMITED (As of March 31, 2008)
Company Name: |
SANYO ELECTRIC (HONG KONG) LIMTED |
|---|---|
Place of Business: |
14th Floor,Chuan Kei Factory Bldg.,15-23,Kin Hong Street, |
Name of Representative: |
Hidetoshi Arima |
Date of Establishment: |
September 1960 |
Capital: |
$130,000,000 US dollars |
Net Assets: |
$122,747,609 US dollars |
Total (Gross) Assests: |
$764,855,316 US dollars |
Acounting Term: |
March |
Main Shareholder(s): |
Wholly owned by SANYO Electric Co., Ltd. |
Description of Business |
Procurement of materials from China’s Huanan region through Hong Kong, Sales of finished goods along with distribution, settlement of funds, and other office functions as data processing |
