We have resolved the establishment of "Sharp Electronics (Europe) Limited (SEE)" at the board meeting held on April 27th, 2012. SEE, owned 100% by Sharp Corporation, is positioned as the head office in the Europe region.
1. Purpose of establishment of SEE
The purpose of this establishment is to enhance the business management in Europe, where there are several cultures and languages. The establishment of SEE will enable us to share objectives, run market based business operation, transfer authority to SEE, and have speed in decision makings.
2. Summary of SEE
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(1) Corporate Name
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Sharp Electronics (Europe) Limited
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(2) Function
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Owner of European subsidiaries' share and governance
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(3) Date of Establishment
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May 7, 2012 (plan)
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(4) Location
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London, UK
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(5) Name of Representative
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CEO Paul Molyneux (Sharp Corporation Executive officer)
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(6) Amount of Capital
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(at establishment) 100 EUR
(as of September 30, 2012) 252,927 thousand EUR (plan)
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(7) Closing Date
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May 31, 2012 (plan)
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(8) Parent Company
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100% owned by Sharp Corporation
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3. Schedule
| April 27, 2012 |
Resolved at the board meeting |
| May 7, 2012 |
Registration |
| May – September, 2012 |
Stock transfer for European subsidiaries |
4. Future impact/vision
Because it is the transfer of capital which Sharp Corporation owned, no material impact is anticipated on Sharp’s consolidated financial results for the fiscal year ending March 2013. Regarding the financial results for March 2012 and the forecast for March 2013, please refer to the earnings briefing for March 2012, which is announced at 15:00 today.