Notification of a New Wholly Owned Subsidiary upon Additional Acquisition of Its Shares
March 25, 2020
With this notice please be informed that TOA Corporation (the “Company”) has resolved at its Board of Directors meeting held on March 13, 2020 to acquire additional shares of consolidated subsidiary TOA ELECTRONICS PTE LTD and make it a wholly owned subsidiary.
1. Purpose of share purchase
While TOA ELECTRONICS PTE LTD is an existing consolidated subsidiary of the Company, it will be made a wholly owned subsidiary to expand the Asia & Pacific business through further accelerating decision-making and promoting a “local production, local consumption” operational strategy.
2. Overview of the consolidated subsidiary
Company Name: TOA ELECTRONICS PTE LTD
Address: 491B River Valley Road #19-03/04 Valley Point Singapore 248373
Representative director: Managing Director, Takashi Nishino
- Sales of public address and broadcasting equipment, communication equipment and other information transmission equipment.
- Sales of audio and visual equipment and other electrical and electronics devices
(1) Date of resolution at the Board of Directors meeting: March 13, 2020
(2) Planned date of signing the agreement: March 17, 2020
(3) Planned date of acquiring shares: March 31, 2020
4. Impact on forecast
The impact on this share acquisition on the Company’s consolidated performance for the fiscal year ending March 31, 2020 is expected to be negligible. Any matters requiring disclosure will be promptly announced.