Print this pagePrint this page
Text Size

Sale of Fixed Assets

Date
24 Apr 2009
Nippon Sheet Glass Co., Ltd. (“the Company”) announces that it has today agreed the sale of certain fixed assets in Japan as set out below.

1. Outline of the transaction

(i) Assets sold


Land and buildings formerly used for employee accommodation at the Company's Maizuru plant.

 

(1)

 

Address

 

2316 Koaza Ohsako, Ohaza Yukinaga Maizuru-shi, Kyoto

(2)

Area (m2) 

Land:14,277.67, Building floor : 4,068.28

(3)

Book Value

Approximately JPY 20million

(4)

Sale amount

Approximately JPY 570million

(5)

Contract Expenses

Approximately JPY 10million

(6)

Gain from the sale

Approximately JPY 540 million


(ii) Buyer

(1)

Name

Sekisui Heim Kinki Co., Ltd.

(2)

Representative 

Yoshito Harada

(3)

Registered address

1-6-1 Miyahara Yodogawa-ku, Osaka

(iii) Transaction schedule

24th April 2009:   Signature of Agreement
September 2009: Closing

2. Reason for the transaction

Disposal of redundant non-core assets, consistent with the Group's strategy of debt reduction.

3. Impact on the operation

It is estimated that the Group will recognize a gain from the sale of fixed assets as an extraordinary gain on both a non-consolidated and consolidated basis of JPY 540 million, in its result for the year to 31 March 2010.