Idemitsu Kosan Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Akihiko Tembo) has decided to dissolve its consolidated subsidiary Asia Sunrise Co., PTE LTD. as outlined below.
1. Outline of subsidiary
| Trade name | Asia Sunrise Co., PTE LTD. |
|---|---|
| Address | 77 Robinson Road #29-02, Robinson 77, Singapore |
| Representative | Hiroharu Ebata |
| Line of business | reinsurance (captive) |
| Established | September 1991 |
| Capital | S$7 million |
| Fiscal year ends | December |
| Stock ownership structure | a wholly owned subsidiary of Idemitsu Kosan Co., Ltd. |
Recent business performance (unit: JY millions)
| 2006 | 2007 Forecast | |
|---|---|---|
| Sales | 2,045 | 2,814 |
| Ordinary income | 226 | 358 |
| Net income | 237 | 309 |
2. Reason for dissolution
Asia Sunrise handles reinsurance operations for insurance on Idemitsu Kosan's refineries, petrochemical factories and other facilities. In connection with a relocation of these reinsurance operations from Singapore to Guernsey in the British dominion of the Channel Islands, the decision has been made to dissolve Asia Sunrise.
3. Schedule
February 2008: establishment of new company planned
End of May, 2008: completion of liquidation planned
4. Forecast effects on business performance
Dissolution of Asia Sunrise will have only minor effects on the consolidated and non-consolidated business performance of Idemitsu Kosan.
5. Outline of new company
| Trade name | Idemitsu Sunrise Insurance Co., Ltd. |
|---|---|
| Address | Polygon Hall, P.O. Box 225 Le Marchant Street, St. Peter, Port Guernsey GY1 4HY |
| Representative | Takanori Kuniyasu |
| Stock ownership structure | a wholly owned subsidiary of Idemitsu Kosan Co., Ltd. |
