A recent news article published in the MOL states that MOL Completes Acquisition of Utoc Corporation.
100% acquisition of Utoc Corporation
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced the completion of its 100% acquisition of Utoc Corporation (President: Masahiro Tanabe; Headquarters: Naka-ku, Yokohama).
As announced in November 30, 2021, timely disclosure, “Notice Regarding Commencement of the Tender Offer for Share Certificates, Etc. of Utoc Corporation (Securities Code 9358),” MOL offered to acquire Utoc’s ordinary shares with the objective of making the company a wholly owned subsidiary of MOL.
The tender offer was completed on January 18, 2022 and MOL acquired 95.05% of Utoc’s ordinary shares. Utoc became a wholly owned subsidiary of MOL upon effectuation of today’s share acquisition, through a series of procedures to make MOL the sole shareholder of Utoc.
Utoc fell under the criterion for delisting
Prior to this, Utoc fell under the criterion for delisting from the First Section of the Tokyo Stock Exchange, Inc. and was delisted as of February 28, 2022.
MOL is working to concentrate its group management resources in a stronger form, aiming to strengthen group-wide management. By successfully making Utoc a wholly-owned subsidiary, it will not only strengthen Utoc’s business, but also leverage its technological capabilities, fostering the growth of the entire group and ensuring a sustainable increase in corporate value.
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