UNOFFICIAL TRANSLATION The official press release is in Japanese.
Company Name: | FinTech Global Incorporated |
Representative: | Nobumitsu Tamai, President and CEO |
Stock Listing: | Tokyo Stock Exchange Mothers Section |
Stock Code: | 8789 |
Inquiries: | Takashi Senda, Member of the Board, |
Senior Executive Officer | |
Tel: | +81-3-6456-4600 |
Notice regarding achievement of capital increase target for Moomin Monogatari and status of preparations for Metsä opening
May 28, 2018-Moomin Monogatari Ltd. (hereafter, "Moomin Monogatari" and "the company"), a subsidiary of FinTech Global Incorporated (hereafter, "FGI") that will plan and run Metsä, which is scheduled to commence operations gradually from November 2018 in the city of Hanno, Saitama Prefecture, has executed multiple capital increases this year to reinforce its financial position. The company is likely to reach its capital increase target in June 2018. Details are provided below. Also, an update on the status of preparations, including construction work, ahead of the opening of Metsä is also provided below.
Details
1. Moomin Monogatari capital increase
Looking to the opening of Metsä, Moomin Monogatari has been working to raise funds through capital increases. The company took a capital increase approach to capitalize on rising corporate value through steady progress on preparations for the opening of Metsä and future business development, including facility investment and business operations, to reinforce the company's financial position through third-party allocation of shares to external investors and to lift corporate value even higher. The goal was to raise the combined value of common stock and capital surplus, which stood at ¥1.2 billion at the end of December 2017, to at least ¥2.5 billion by targeting external investors for a third-party allocation of shares. The company expects to reach its target in June, following multiple capital increases. This will cause FGI's shareholding ratio (including shares in held by funds in which FGI has contributed capital) to shrink from 99% at the end of December 2017 to 68%.
Moomin Monogatari will continue to favor capital increase as the best method to reinforce its financial position, and given the status of inquiries from external investors, the company deems it possible for common stock and capital surplus to reach a combined level of around ¥3.0 billion during the current fiscal year.
2. Construction work
Construction work is moving along well. Views of construction in progress-both photos and video-have been uploaded at the following webpage.
http://www.fgi.co.jp/business/metsa-biz/construction_photos/
Summary of main construction work
Metsä Village | Moominvalley Park | |
Contracting parties | Ordering: FinTech Global Incorporated Receiving: Metsä Project Hanno Consortium | Ordering: Hanno Local Resource Utilization LLC Receiving: Metsä Project Hanno Consortium |
Site area | 163,000 m2 (Entire site, excluding water area) | 73,000 m2 (Entire site, excluding water area) |
Total floor space | 4,918 ㎡ (Excluding multi-level parking structure) | 8,444 ㎡ |
Schedule | July 3, 2017: Start of construction (civil engineering work) July 28, 2017: Start of construction (construction of buildings) October 2, 2018: Complete delivery (planned) | July 3, 2017: Start of construction October 2, 2018: Complete delivery (planned) |
Cost of contracted construction work | Civil engineering: ¥1.2 billion Structures: ¥1.1 billion (Civil engineering work based on contract signed June 29, 2017; construction of buildings based on contract signed July 28, 2017) | Structures (civil engineering and buildings): ¥3.4 billion (Contract signed June 29, 2017) |
Other construction work for key facilities
Metsä Village | Moominvalley Park |
Multi-level parking structure Cost of contracted construction work: ¥500 million | Special interior and exterior work Cost of contracted construction work: ¥2,060 million billion Ordering: Moomin Monogatari, Ltd. (contracts for movable property) Ordering: Hanno Local Resource Utilization LLC (contracts for real estate) Receiving: NOMURA Co.,Ltd. February 15, 2018: Start of construction January 31, 2019: Complete delivery (planned) |
Ordering: Hanno Local Resource Utilization LLC
3. Status of staff recruitment
Moomin Monogatari, which will operate Metsä Village as well as Moominvalley Park, expects opening staff will number around 700 people, on a registered basis.
FGI and the city of Hanno signed a basic agreement on regional renaissance that sets out parameters for coordination and cooperation in promoting regional renaissance in Hanno. This perspective was applied to hiring staff to work at Metsä as well, with advance job information sessions held just for citizens of Hanno in May 2018. The number of applications exceeded expectations, so additional events were held, ultimately attracting about 300 people to 10 information sessions over five days. Going forward, candidates will be selected from participants at these information sessions. Other hiring activities will gradually be rolled out as well.
It will be efforts like regional cooperation, along with the appeal of Moomins, that keep hiring activities moving steadily forward. Concerted efforts will be made to attract and keep human resources with excellent skills and a keen awareness of hospitality and to further develop these attributes, which will underpin the creation of an environment that ensures visitors to Metsä have a wonderful time.
4. Outlook
The impact from Moomin Monogatari's capital increase on FGI's consolidated business results has been included in performance expectations described in the press release " Notice regarding fiscal 2018 consolidated performance expectations, anticipated dividends and business targets for next three years," issued today.
END
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FGI - FinTech Global Inc. published this content on 05 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 June 2018 09:57:01 UTC