General Announcement::Notice on Transfer of Ship Trading Business to Wholly-Owned Subsidiary through Company Split

Issuer & Securities

Issuer/ Manager
SUMITOMO CORPORATION
Securities
SUMITOMOCORPUS$500M2.5%B220913 - XS1656933535 - 7V8B
SUMITOMOCORPUS$500M2.6%N240709 - XS2022128917 - NCNB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
23-Dec-2020 12:59:30
Status
New
Announcement Sub Title
Notice on Transfer of Ship Trading Business to Wholly-Owned Subsidiary through Company Split
Announcement Reference
SG201223OTHRBUKY
Submitted By (Co./ Ind. Name)
Moe Minamoto
Designation
FinacneDepartment
Effective Date and Time of the event
23/12/2020 17:00:00
Description (Please provide a detailed description of the event in the box below)
Sumitomo Corporation hereby announces that it has resolved at its Board of Directors meeting held today to conclude an absorption-type split agreement on a company split (hereinafter, the Company Split ) with its wholly-owned subsidiary, Sumisho Marine Co., Ltd. (hereinafter, Sumisho Marine ). Under this agreement, which is scheduled to come into effect on April 1, 2021, Sumitomo Corporation is to transfer a portion of its ship business to Sumisho Marine.
Because the Company Split is a simple absorption-type split involving a 100% consolidated subsidiary, certain disclosure items/details have been omitted from this announcement.