Oji Holdings Corporation (“Oji”) is pleased to announce that, following the previous announcement dated April 25, 2014, Innovation Network Corporation of Japan (“INCJ”) and Oji have completed the acquisition of New Zealand/Australia-based pulp, paper and packaging businesses comprised of Carter Holt Harvey Pulp & Paper Limited (“CHHPP”) and certain related companies held by Carter Holt Harvey Limited (collectively “CHHPP Group”) from Rank Group. For the purpose of the acquisition, INCJ and Oji have established Oji Oceania Management Co., Ltd. (“OOM”) and Oji Oceania Management (NZ) Limited (“OOM(NZ)”) as a holding company which will fall under the category of specified subsidiary of Oji.
I. Completion of the transaction
On April 25, 2014, Oji announced that INCJ and Oji have signed a share purchase agreement to acquire 100% of the shares in CHHPP Group. Pursuant to the agreement, INCJ and Oji have today completed the acquisition of CHHPP Group. The transaction value (including the CHHPP Group’s net debt) is approximately NZ$1,037 million.
II. Specified subsidiary classification
1. Reason for the classification
For the purpose of the acquisition, Oji has established OOM in Japan as well as OOM(NZ) in New Zealand. As the amount of paid-in capital for each of OOM, OOM(NZ) and CHHPP will be greater than 10% of Oji’s paid-in capital, these companies will fall under the category of specified subsidiary of Oji.
2. Overview of the subsidiaries
| (1) | Name | Oji Oceania Management Co., Ltd. | Oji Oceania Management (NZ) Limited | Carter Holt Harvey Pulp & Paper Limited |
| (2) | Location | 7-5 Ginza 4-Chome, Chuo-ku, Tokyo, Japan | 173 Captain Springs Road, Onehunga, Auckland, New Zealand | 173 Captain Springs Road, Onehunga, Auckland, New Zealand |
| (3) | Representative | Kazuhisa Shinoda | Kazuhisa Shinoda | Dr. David Jonathan Ryder |
| (4) | Paid-in capital | JPY37.1 billion | NZD796million （Approx. JPY73.9billion） |
NZD662million （Approx. JPY61.5billion） |
| (5) | Date of foundation | April 18, 2014 | April 14, 2014 | May 23, 2003 |
| (6) | Fiscal year end | March 31 | December 31 | December 31 |
| (7) | Shareholders | Oji 60％ INCJ 40％ ※Based on voting right % |
Oji Oceania Management Co., Ltd. 100% | Oji Oceania Management (NZ) Limited 100％ |
3. Effective date to become subsidiary
December 1, 2014
III. Impact on Forecast
Oji is currently assessing the possible impact of the acquisition on Oji’s FY2015 forecast and will inform the market as soon as practicable.
Contact:
Hiroyuki Isono
Corporate Officer, Oji Holdings Corporation
Phone: +81-3-3563-4385
