TOKYO--(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.
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*At an exchange rate of 112 yen to the US dollar, the rate given by the Tokyo Foreign Exchange Market on March 31, 2017