Mitsubishi Electric to Record Gain from Sales of Investment Securities
June 27 2017 - 9:15PM
Business Wire
Mitsubishi Electric Corporation (TOKYO:6503) announced today
that it will record a gain of approximately 19 billion yen from
sales of 28,796,000 shares in Renesas Electronics Corporation
(TOKYO:6723), with the total amount of shares fixed as of June 27.
The company participated in the secondary offering of common stock
by Renesas Electronics.
As a result of the sales, Mitsubishi Electric’s holdings in
Renesas Electronics have decreased to 4.54 percent, or 75,706,885
shares, down from 6.27 percent, or 104,502,885 shares. Total
revenue from the sales amounted to 23.2 billion yen.
The sale will net Mitsubishi Electric a gain of approximately 19
billion yen as other income in its consolidated financial results
for the first quarter of the current fiscal year ending March 2018
(fiscal 2018). Mitsubishi Electric’s current consolidated forecast
for fiscal 2018 announced on April 28 already includes
approximately 10 billion yen as other income for this particular
transaction. The company will promptly announce any necessary
revisions should it foresee significant changes in this situation
or other factors.
About Mitsubishi Electric
Corporation
With over 90 years of experience in providing reliable,
high-quality products, Mitsubishi Electric Corporation (TOKYO:6503)
is a recognized world leader in the manufacture, marketing and
sales of electrical and electronic equipment used in information
processing and communications, space development and satellite
communications, consumer electronics, industrial technology,
energy, transportation and building equipment. Embracing the spirit
of its corporate statement, Changes for the Better, and its
environmental statement, Eco Changes, Mitsubishi Electric endeavors
to be a global, leading green company, enriching society with
technology. The company recorded consolidated group sales of
4,238.6 billion yen (US$ 37.8 billion*) in the fiscal year ended
March 31, 2017. For more information visit:www.MitsubishiElectric.com*At an exchange rate of
112 yen to the US dollar, the rate given by the Tokyo Foreign
Exchange Market on March 31, 2017
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