| August 28, 2003 |
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| Company Name: |
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ISEKI & CO., LTD. |
| Company representative: |
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Hiroyuki Nakano, President |
| Company code: |
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6310 |
| Stock Exchange Listings: |
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First Section, Tokyo Stock Exchange |
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First Section, Osaka Securities Exchange |
| Enquiries: |
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Kazuyoshi Sonoda, Director
(Telephone: +81-3-5604-7710) |
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| To whom it may concern, |
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Notice concerning conclusion of contracts
to partially devolve subsidiary's operations
and form new business alliance |
Iseki & Co., Ltd. hereby gives notice that a decision was resolved at a meeting
of the board of directors on August 28, 2003, to conclude a contract concerning
the partial devolution of the business operations of Isec Co., Ltd., one of Iseki's
consolidated subsidiaries, and another contract concerning the formation of a
new business alliance. On this same date, the Contract to devolve operations
and the Contract to form a business alliance were signed.
At an extraordinary meeting of shareholders on August 28, 2003, Isec Co., Ltd.
resolved to conclude a contract to partially devolve its business operations,
and on this same date, signed the Contract to devolve operations.
Details of the contracts are as follows.
This matter is in accordance with the basic agreement of the "Notice concerning
partial devolution of subsidiary's operations and formation of new business alliance"
that was released on June 6, 2003, and there have been no changes to the particulars. |
| 1. |
Details of the devolution of business |
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(1) |
Activities to be devolved |
Vehicle leasing |
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(2) |
Assets to be devolved |
Lease receivables, lease assets, goodwill, etc, related to vehicle leasing |
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(3) |
Recipient of assets |
NTT Auto Leasing Co., Ltd. |
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(4) |
Date to be devolved |
September 1, 2003 |
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(5) |
Value of devolution and settlement date |
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Consideration for devolved business |
 892 million |
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Date of settlement |
September 1, 2003 |
| 2. |
Details of the new business alliance |
Once the abovementioned business has
been devolved, the Iseki Group will lease any new vehicles from NTT Auto Leasing
Co., Ltd.
Iseki Group will switch leases over to NTT Auto Leasing and lease back some of
the vehicles it currently possesses. |
| (1) |
Commencement date for new business alliance August 28, 2003 |
| 3. |
Effect on performance |
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There have been no changes to the outlook of performance that was released
on May 23, 2003. |
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