Transfer of Two Chinese Automotive Glass Subsidiaries to SYP Kangqiao and Additional Investment
First written in FY2023-Q2. 1 of 3 entries say "Achieved", first in FY2023-Q3. Latest entry: FY2024-Q3.
No other company in this theme has enough history to compare yet.
- FY2024-Q3Recognition of gain on capital repayment related to a prior-year transfer transactionAnnual report
「Profit from the sale of subsidiaries and businesses during the nine months ended in the current third quarter was mainly attributable to the recycling through the consolidated income statement of foreign-operation translation differences recognized in the consolidated statement of comprehensive income in prior years. This resulted from a capital repayment during the nine months ended in the current third quarter by the holding company that had invested solely in the subsidiary, following the prior-year sale of the Chinese automotive glass business subsidiary.」
A gain of ¥969 million on the sale of subsidiaries and businesses was recognized in connection with the prior-year transfer of the 2 Chinese automotive glass subsidiaries, mainly due to the recycling of foreign exchange translation differences associated with the holding company’s capital repayment. - FY2023-Q3AchievedAnnual report
「The gain on the sale of subsidiaries relates to the sale of Guilin Pilkington Safety Glass Co., Limited and Tianjin NSG Safety Glass Co., Limited, companies engaged in the processing and sale of automotive glass in China. The 2 companies were sold to SYP Kangqiao Autoglass Co., Limited, an equity-method associate in which our Group holds a 20% stake. The proceeds from the sale will be used for an additional investment in SYP Kangqiao Autoglass Co., Limited, increasing our Group’s ownership interest to 28.6%.」
The sale of the 2 Chinese automotive glass subsidiaries to SYP Kangqiao was completed, and the sale proceeds were used for an additional investment, raising the ownership interest from 20% to 28.6%. - FY2023-Q2First statedAnnual report
「The 2 companies were sold to SYP Kangqiao Autoglass Co., Limited, an equity-method associate in which our Group holds a 20% stake. The proceeds from the sale will be used for an additional investment in SYP Kangqiao Autoglass Co., Limited, increasing our Group’s ownership interest to 28.6%.」
The Group transferred its Chinese automotive glass subsidiaries, Guilin Pilkington Safety Glass Co., Limited and Tianjin NSG Safety Glass Co., Limited, to the equity-method associate SYP Kangqiao Autoglass Co., Limited. The transaction was disclosed as one in which the sale proceeds would be used for an additional investment, raising the ownership interest from 20% to 28.6%.