The Board of Directors of Toyo Engineering Corporation(hereafter “TOYO”) ,at the meeting held on March 14, 2018, resolved to sell all of its shares in Toyo Business Engineering Corporation(hereafter “b-en-g”), and TOYO will therefore record an extraordinary income on its non-consolidated and consolidated financial results for the fiscal year ending March 31,2018.
1. Reason for sale of investment securities
In order to pursue greater efficiency of owned assets and strengthen financial standing.
2. Future business relationship between TOYO and b-en-g
Though TOYO sells shares in b-en-g, the business relationship between TOYO and b-en-g will remain unchanged.
3. Financial impact
TOYO expects to record the profit of approximately 3 billion yen and 2 billion yen as an extraordinary income on its non-consolidated and consolidated financial results for the fiscal year ending March 31, 2018.
Mar. 26, 2018