dissolution of a subsidiary

9 May 2008 08:09

Maruwa Co Ld09 May 2008 9 May 2008 MARUWA CO., LTD. 3-83 Minamihonjigahara-cho, Owariasahi-city, Aichi-pref. 488-0044 JAPAN (Translation) Notice regarding dissolution of a subsidiary MARUWA CO., LTD. ("MARUWA") determined to dissolve a subsidiary, Maruwa Electronics (Philippines), Inc. (hereinafter "Maruwa Philippines"). Details are as follows; 1. Reason of dissolution Maruwa Philippines, one of our subsidiaries to produce electronic components and to sell them to us, will be dissolved as products manufactured at Maruwa Philippines are transferred to our manufacturing subsidiaries in Malaysia and India. 2. Details of Maruwa Philippines Address Main Avenue Corner 3rd St., Cavite Economic Zone, Rosario, Cavite 4106 Philippines Representative Sei Kanbe, Representative director Business Manufacturing of electronic components Foundation 1 July 2006 Paid-in capital 5 million peso Total net assets -166 million yen Total assets 44 million yen End of fiscal year 31 March Shareholders MARUWA CO., LTD. (100%) 3. Operating results Millions of yen Fiscal 2007 Fiscal 2008 ended 31 March ended 31 March 2007 2008Net sales 297 413Operating loss (14) (51)Net loss (19) (159) 4. Amount of loss due to dissolution98 million yen 5. Schedule of dissolution 7 January 2008 Resolution by the board of directors at MARUWA and Maruwa Philippines 15 May 2008 Dissolution March 2009 Completion of liquidation 6. Effects on operating results of MARUWA A loss on dissolution was posted in the final results for full fiscal year 2008 ended in 31 March 2008; consolidated: 96 million yen, non-consolidated: 195 million yen. As for fiscal year 2009 ending 31 March 2009, impact on operating results is expected to be insignificant. * The forecasts stated above are based on currently available information as of the date of announcement. Actual results may differ from these forecasts due to various factors. END This information is provided by RNS The company news service from the London Stock Exchange