November
21, 2006
Announcement
of Dissolution and Liquidation of a Subsidiary
At the meeting of Board of Directors held on November 21, 2006, Nippon
Suisan Kaisha, Ltd. ("Nissui") approved the dissolution of its
subsidiary, Nissui New Zealand Limited in the following manner:
1. History leading to liquidation and dissolution
Nissui New Zealand Limited, which had been incorporated and operating
as a fishery company, had tentatively ceased business activities in 2001
due to circumstances such as the downturn in fish catches. Since
that time, Nissui has been winding up the subsidiary’s affairs
by disposing of ships and vessels, and has decided to liquidate and dissolve
the subsidiary as of the end of January 2007.
2. Overview of Nissui New Zealand Limited
| Description of business: |
Fishery |
| Date of establishment: |
December 8, 1993 |
| Location: |
72 Trafalgar Street, Nelson, New Zealand |
| Representative: |
Atsushi Harada |
| Capital: |
33 million NZD |
| Shareholders: |
100% owned subsidiary of Nippon Suisan Kaisha, Ltd. |
3. Future Outlook
No revisions have been made to the financial forecasts for the fiscal
year ending March 31, 2007 (consolidated and non-consolidated) because
allowance for doubtful accounts and a decrease in the share value have
already been established with regard to the loans provided and investment
in Nissui New Zealand Limited.
