March
24, 2005
Notice
Concerning Dissolution and Liquidation of Subsidiary
At the Board of Directors meeting held on March 23, 2005, Nippon Suisan
Kaisha, Ltd. approved the dissolution of subsidiary Nissui Shipping Corporation
on March 31, 2005, as follows.
1. History Leading to Dissolution and Liquidation
Arrangements for the dissolution of Nissui Shipping Corporation began
in April 2001 due to a continuing downturn in financial results from
the subsidiary's main business of shipping produce such as frozen and
refrigerated seafoods and fruits, led by deterioration of the shipping
market and other factors. Dissolution of the subsidiary was approved
in conjunction with finalization of these arrangements in March 2005.
2. Overview of Nissui Shipping Corporation
| Location: |
4-1-6 Muromachi, Nihonbashi, Chuo-ku, Tokyo |
| Representative: |
Koji Adachi, President |
| Capital: |
10,000,000 yen |
| Shareholders: |
100% owned subsidiary of Nippon Suisan Kaisha, Ltd. |
3. Future Outlook
No revisions have been made to the financial forecasts announced on February
7, 2005 for the fiscal year ending March 2005 (consolidated and parent)
because allowances for a decrease in stock value and bad debts have already
been established with regard to investment in and loans provided to Nissui
Shipping Corporation.
