Strengthening the Growth Platform through the Transfer of a Majority Stake in Gardia to ITOCHU Corporation
First written in FY2019. 1 of 2 entries say "Achieved", first in FY2020-Q1. Latest entry: FY2020-Q1.
4 other companies' latest entry also says "Achieved".
- FY2020-Q1AchievedAnnual report
「The Company transferred shares in Gardia Co., Ltd., a consolidated subsidiary, to ITOCHU Corporation. Gardia Co., Ltd. is referred to below as “Gardia,” and ITOCHU Corporation as “ITOCHU Corporation.”」
Part of the Gardia shares was transferred on 20 December 2019, and Gardia was excluded from the scope of consolidation. The transaction to move Gardia under ITOCHU Corporation’s leadership was completed. - FY2019First statedAnnual report
「The Company believes that Gardia’s future growth requires (1) stronger cooperation with platform operators and non-life insurers supporting its risk guarantee services on both the front and back ends, and (2) ample financial resources underpinning its payment services. ITOCHU Corporation, as a general trading company, conducts an exceptionally broad range of business activities globally and has both (1) strong relationships with platform operators and non-life insurers and (2) ample financial resources. Accordingly, the Company determined that transferring a majority of its Gardia shares to ITOCHU Corporation and moving under ITOCHU Corporation’s leadership would be desirable for Gardia’s growth, and decided to proceed with the share transfer.」
The Company transferred 22,500 Gardia shares to ITOCHU Corporation, representing 90% of voting rights, and changed its ownership interest from 100% to 10% in a transaction intended to secure the partnerships and financial resources necessary for Gardia’s growth.