March 20, 2019
Whom it may concern
Corporate Name: Nippon Yusen Kabushiki Kaisha
Representative: Tadaaki Naito, President
Security Code: 9101
Listings: First Section of the Tokyo and Nagoya
stock exchange
Contact:Toru Maruyama
General Manager, IR Group (Tel. +81 3-3284-5151)
Notice of Gain on Transfer of Ownership of Our Subsidiary
In the consolidated financial results for the year ending March 31, 2019, a gain of approximately of JPY 10 billion as an extra-ordinary income will be recorded due to transfer of ownership of our subsidiary company in North America to an infrastructure fund vehicle managed by Macquarie Infrastructure and Real Assets.
1.Overview of Transfers
NYK Terminals (North America) Inc. (hereinafter referred to as "NTNA"), our subsidiary company, conducts stevedoring operations in North America. NTNA is jointly owned by NYK through NYK Ports, LLC., our subsidiary company, and MIP III Bluefin B Holdco, L.P. ("MIP III Bluefin B"), a subsidiary of Macquarie Infrastructure Partners III, L.P. and Macquarie Infrastructure Partners III (PV), L.P.. We have completed to transfer our entire ownership of NTNA to MIP III Bluefin B in connection with restructuring the stevedoring operating business in North America.
2. Details of Transfer
(1) Subsidiary: Whole ownership for NYK Terminals (North America) Inc. owned through NYK Ports LLC
(2) Transfer to: MIP III Bluefin B
(3) Date of transfer: March 19, 2019
(4) Other: The transfer price shall not be disclosed due to the obligation of confidentiality
with the assignee.
3. Effect on income
As a result, in the fourth quarter of the fiscal year ending March 31, 2019, we expect to record a gain on the transfer of approximately JPY 10 billion as an extra-ordinary income in the consolidated financial results for the year ending March 31, 2019 and it is included in the consolidated business performance forecast for the full year published on January 31, 2019.
4. Others
This matter is not under Business transfer plan of Overseas container terminal operating business to Ocean Network Express Pte. Ltd.
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Nippon Yusen KK published this content on 20 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 March 2019 02:59:03 UTC