Tomen Receives Financial Support from Financial Institutions
2003-03-12
Tomen Receives Financial Support from Financial Institutions;
110 Billion Yen in Debt Forgiveness Accepted;
Preferred Stock Totaling 72 Billion Yen to Be Issued
Tomen Corporation today announced that it received acceptance of 110 billion yen in debt forgiveness from UFJ Bank Limited. UFJ Bank will execute the necessary procedure for the debt forgiveness within March 2003.
Tomen will also issue preferred stock totaling 72 billion yen to major financial institutions by third-party allotment in March 2003 to reinforce Tomen's shareholders' equity. The financial institutions include UFJ Bank, Sumitomo Mitsui Banking Corporation, the Bank of Tokyo-Mitsubishi, Ltd., the Chuo Mitsui Trust and Banking Co., Ltd, theNorinchukin Bank, Resona Bank and Mizuho Corporate Bank.
In December 2002, Tomen announced the "Tomen Group Medium-term Management Plan," starting March 2003 (ending March 2006). Tomen has requested support from UFJ Bank and other financial institutions in connection with a significantphase of its business structure reform plan.
About Tomen Corporation
Tomen is an international company with 80 offices worldwide and is headquartered in Japan. It is listed on the Tokyo, Osaka and Nagoya stock exchanges. It maintains a leadership position in chemicals, foodstuffs, textiles, electronics, power supply and telecommunication business fields, where it seeks to provide innovative services to its customersand business partners.
By way of the Tomen Group Medium-term Management Plan, Tomen will strengthen its business structure and its cost competitiveness by receiving support from financial institutions and the Toyota Group, with the goal of management integration with Toyota Tsusho Corporation in the coming years.
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