Update on Disclosed Matter: Mitsubishi Electric’s Execution of the Company-split Agreement to Transfer Automotive-equipment Business to Newly Incorporated Subsidiary as Part of Restructuring

Additional details about company split announced

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today that it has executed a Company-split agreement and formally established a wholly owned subsidiary, Melco Automotive Equipment Business Split Preparation Corporation, in line with the previous announcement “(Update on Disclosed Matter) Mitsubishi Electric to Transfer Automotive-equipment Business to New Subsidiary as Part of Restructuring” issued on October 31.

Item numbers below are consistent with the previous announcement on October 31, 2023, and newly announced information is underlined.

2. Overview of Company Split

(1) Company Split Schedule
Decision on Absorption-type Company Split by Executive Officer (Note)	October 31, 2023
Establishment of Melco Automotive Equipment Business Split Preparation Corporation	November 1, 2023
Execution of Company Split Agreement	November 15, 2023
Scheduled Company Split Date (Effective Date)	April 1, 2024 (Scheduled)

Note:

The Company Split is a simplified absorption-type company split, pursuant to Article 784, Paragraph 2 of the Companies Act of Japan, and Mitsubishi Electric therefore does not require approval of this at a shareholders’ meeting. Accordingly, the Company Split will be implemented on the decision of the President and CEO, with due consideration of deliberations at the Executive Officers’ Meeting.

3. Profile of the Parties of the Company Split

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