Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has executed a Company-split agreement and formally established a wholly owned subsidiary, Melco Automotive Equipment Business Split Preparation Corporation, in line with the previous announcement “(Update on Disclosed Matter) Mitsubishi Electric to Transfer Automotive-equipment Business to New Subsidiary as Part of Restructuring” issued on October 31.
Item numbers below are consistent with the previous announcement on October 31, 2023, and newly announced information is underlined.
2. Overview of Company Split
|
(1) Company Split Schedule |
|
|
Decision on Absorption-type Company Split by Executive Officer (Note) |
October 31, 2023 |
|
Establishment of Melco Automotive Equipment Business Split Preparation Corporation |
November 1, 2023 |
|
Execution of Company Split Agreement |
November 15, 2023 |
|
Scheduled Company Split Date (Effective Date) |
April 1, 2024 (Scheduled) |
|
Note: |
The Company Split is a simplified absorption-type company split, pursuant to Article 784, Paragraph 2 of the Companies Act of Japan, and Mitsubishi Electric therefore does not require approval of this at a shareholders’ meeting. Accordingly, the Company Split will be implemented on the decision of the President and CEO, with due consideration of deliberations at the Executive Officers’ Meeting. |
3. Profile of the Parties of the Company Split
For the full text, please visit: www.MitsubishiElectric.com/news/
View source version on businesswire.com: https://www.businesswire.com/news/home/20231114778853/en/