Feb. 28, 2024
Sumitomo Corporation
Notice of Acceptance of Tender Offer for Shares of Simple Mart Retail Co., Ltd.
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) hereby announces that it has decided to tender all of its shares (19.56%) in Simple Mart Retail Co. Ltd. (hereinafter, "SMR"), which operates “Simple Mart”, a food retail business in Taiwan, in response to the tender offer issued on February 27 in the Taiwan Stock Exchange.
Sumitomo Corporation participated in SMR in 2018, and its intention in accepting this tender offer is to carry out a strategic asset replacement. Going forward, Sumitomo Corporation will continue to strengthen its portfolio by expanding the retail business it has been developing in Japan and Vietnam and by enhancing and cultivating the earnings pillars that leverage its strengths.
The impact of this sale, once completed, on the consolidated financial results for the fiscal year ending March 31, 2024 has been included in the consolidated earnings forecasts published on February 5, 2024.
Sumitomo Corporation participated in SMR in 2018, and its intention in accepting this tender offer is to carry out a strategic asset replacement. Going forward, Sumitomo Corporation will continue to strengthen its portfolio by expanding the retail business it has been developing in Japan and Vietnam and by enhancing and cultivating the earnings pillars that leverage its strengths.
The impact of this sale, once completed, on the consolidated financial results for the fiscal year ending March 31, 2024 has been included in the consolidated earnings forecasts published on February 5, 2024.
■Profile of SMR
| Name |
Simple Mart Retail Co., Ltd. |
| Major Shareholders |
Mercuries & Associates Holding, Ltd. (60.76%), Sumitomo Corporation (19.56%) |
| Establishment |
February 2013 |
| Location |
B1, No.4, Section 3 Minquan East Road, Zhongshan District, Taipei City |
| Representative |
Kuang-Lung Chiu |
| Business description |
Retail company operating approximately 800 small supermarkets throughout Taiwan |
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