Business Integration with Dainippon Meiji Sugar and Capital and Business Alliance with Nippon Beet Sugar

「The consolidated subsidiary 三井製糖㈱ carried out an absorption-type merger effective 1 October 2022, with 三井製糖 as the surviving company and the likewise consolidated subsidiary 大日本明治製糖㈱ as the absorbed company, and changed its corporate name to ＤＭ三井製糖㈱. Through this merger, we will accelerate decision-making and realize integration benefits at an early stage, concentrate and reallocate human resources and management resources, further deepen group management and strengthen earnings capacity.」

「At a meeting of the Board of Directors held on 16 November 2021, we resolved to adopt as a basic policy the merger of our wholly owned subsidiary 三井製糖㈱ (hereinafter, "三井製糖") and 大日本明治製糖㈱ (hereinafter, "大日本明治") on 1 October 2022 (scheduled), and to begin determining the details and taking the necessary procedures, as well as to change the corporate name after the merger to ＤＭ三井製糖㈱.」

「Our company and 日本甜菜製糖㈱ entered into a basic agreement dated 30 August 2021 concerning the establishment of an efficient beet sugar production system.」

「Following the business integration with 大日本明治製糖㈱ dated 1 April 2021, our company changed its corporate name to "ＤＭ三井製糖ホールディングス㈱" and transitioned to a holding company structure. As a result, our group conducts its business primarily through a total of 30 companies, comprising our company, 17 consolidated subsidiaries and 12 equity-method affiliates.」

「Following approval at the extraordinary general meetings of shareholders of both companies and the acquisition of the necessary approvals and permits from the relevant authorities for the business integration of our company and 大日本明治製糖㈱ (hereinafter, "大日本明治"), we implemented a share exchange dated 1 April 2021 under which our company became the wholly owning parent company and 大日本明治 became the wholly owned subsidiary. Our group entered into a capital and business alliance agreement with 日本甜菜製糖㈱ dated 15 January 2021.」

「Regarding the business integration with 大日本明治製糖㈱ announced on 25 March 2020, after extensive discussions and consideration, we reached final agreement on its implementation and entered into a basic integration agreement dated 15 October of the same year.」

「At a meeting of the Board of Directors held on 15 October 2020, we resolved to enter into a share exchange agreement relating to a share exchange under which our company would be the wholly owning parent company and 大日本明治製糖株式会社 (hereinafter, "大日本明治") would be the wholly owned subsidiary, and entered into the share exchange agreement. Subject to approval at extraordinary general meetings of shareholders of our company and 大日本明治 scheduled for February 2021, the share exchange is scheduled to be implemented with 1 April 2021 as the effective date.」

「The 3 companies continue discussions regarding the business integration with 大日本明治製糖㈱ and the capital and business alliance with 日本甜菜製糖㈱ announced on 25 March 2020.」

「Regarding the business integration with 大日本明治製糖㈱ and the commencement of discussions toward a capital and business alliance with 日本甜菜製糖㈱, announced on 25 March 2020, the 3 companies, which have been involved in Japan's refined sugar industry for many years, will combine the production technologies, quality and cost management methods, logistics, raw material procurement capabilities and other extensive management expertise they have developed over the years. This will further strengthen the foundation of a stable domestic supply system, enhance international competitiveness and promote growth as companies. We will continue discussions toward realizing this objective.」